The gross domestic product (GDP) of India, which is among the countries with the longest school closures during the COVID-19 pandemic, would see the highest decline in South Asia due to learning losses for the young, a new working paper published by the Asian Development Bank (ADB) has reckoned.
Starting with a $10.5 billion dent in 2023, the country’s economy could take a nearly $99 billion hit by 2030, translating into a 3.19% reduction in GDP from the baseline growth trends, according to the paper on ‘Potential Economic Impact of COVID-19 related School Closures’.
India may thus account for over 10% of the global GDP decline of $943 billion estimated by the ADB on account of earning losses in 2030, with jobs for skilled labour expected to decline by 1%, and unskilled labour by 2% that year.
