U.S. Economy Faces $15 Trillion Hit As A Result Of School Closures, OECD Says

• The Organization for Economic Cooperation and Development has warned the interruption to children’s schooling in the wake of the coronavirus pandemic could mean global economic growth is 1.5% lower on average for the rest of the century.
• The intergovernmental economic organization said this projected loss of gross domestic product, which measures economic growth, would be equivalent to a total economic loss of $15.3Tn in the U.S.
• The OECD paper, published Tuesday and citing third-party data, estimated how students’ losing out on one-third of the school year would impact the global economy in the long-run.
• It was estimated this loss of time in the classroom would lead to a loss of skills, and this, in turn, would negatively impact productivity. As a result, the total cost of missed schooling could amount to 69% of the current GDP for the typical country, the OECD said.
• The OECD said losses to economic growth could be “proportionately higher” if schools were slow to recover.

(Source: CNCB News)