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Investing in people

What is the key factor driving the world’s economies? According to the newly released Human Capital Report 2017 by World Economic Forum, it is the education and the skills we all have as individuals, also known as ‘human capital’. According to the report, Norway has been ranked the best-performing country in the world when it comes to the training and education of its population.

Human capital is about teaching, learning and training. The Human Capital Index ranks 130 countries on how well they are developing their human capital across four sub-indexes: capacity, deployment, development and know-how.

Northern European countries lead the way when it comes to making the most of the skills of their people, and giving them the best educational opportunities.

Norway performs well on all the sub-indexes, ranking first on the availability of skilled employees. It also does well in the deployment sub-index, meaning the active participation of the population in the country’s workforce, thanks to its low unemployment rate.

The top three countries are unique in the Index in having passed the threshold of developing more than 75% of their human capital. However, the report warns that countries could do more to nurture and fully develop their populations’ skills. On average, only 62% of global talent is being fully utilized.

The report concludes with “Education and employment contribute to economic development and positive social and political outcomes. Human capital is a key factor for growth, development and competitiveness.”

Story sourced from World Economic Forum.