The Organisation for Economic Co-operation and Development (OECD) has released a report detailing how much each country spends on education as a percentage of its GDP. The report also looks at the different educational institutions in each country and the spending differences between private and public schools.
The United States spends the most on education as a percentage of GDP, with 6.3% going to education. Japan is second, with 5.9% of its GDP going to education. After that, there is a significant drop-off, with the next highest-spending country being Turkey at 3.8%.
There are significant variations in education spending between countries. In Chile, for example, only 2% of GDP is spent on education, while in Norway, it is 9%. Private schools account for a significant portion of education spending in most countries.
Here Are How Much Do Countries Spend On Education?
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Why should Countries invest in Education?
When it comes to education, how much a country spends is not as important as how the money is spent. According to UNESCO’s Institute for Statistics, on average, across OECD countries in 2013, governments spent 3.6% of GDP on education, with public expenditure on education ranging from less than 1% of GDP in Mexico and Turkey to more than 6% in Denmark and Norway. In the United States, government expenditure on education was 4.7% of GDP in 2013.
There are many benefits to investing in education. For one, educated citizens are more likely to be productive and innovative members of society. They are also more likely to participate in the workforce and contribute to economic growth. An educated population is also better able to make informed decisions about political issues and exercise their rights as citizens. In addition, an investment in education can help reduce poverty and inequality.
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