We stand at a development crossroads. The positive spillovers of investing in education are undeniable, yet steep funding declines now threaten the global development trajectory.
An interplay of factors has put pressure on education financing over the last decade. They include a burgeoning school population and an escalating debt crisis. In fact, 2.1 billion people now live in countries that spend more on debt servicing than they do on education.
Meanwhile, foreign direct investment to developing economies fell to its lowest level since 2005. The situation is exacerbated by the declining priority of education within official development assistance. As a result, global aid for education is expected to fall by one-quarter by 2027. This could halve education budgets in some low-income countries.