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May 28, 2013

No To Generation Jobless: Ensuring Our Kids Have A Future

Writing about web page http://www2.warwick.ac.uk/knowledge/business/gus

Image. Greek riots - protester stands in front of cloud of smoke.

A blog post by Dr Nemat Shafik, Deputy Managing Director of the International Monetary Fund (IMF)

Updated 31 May 2013

Financial markets have staged an impressive recovery in recent months. Thanks to the actions of policymakers, the global economy no longer looks quite as treacherous as it did six months ago. But in many parts of the world, there is no sense that the crisis is over. In far too many countries, improvements in financial markets have not translated into improvements in the real economy—and in the lives of people. More than 200 million people are out of work today. Many of these are young people. According to the International Labour Organisation (ILO), 73 million young people globally are looking for a job.

The result, according to The Economist, is an “arc of unemployment”, stretching from Southern Europe through North Africa and the Middle East to South Asia. In Spain, Greece, and Portugal, 40-55 per cent of all young people cannot find jobs. In the Middle East, youth unemployment is expected to reach 30 per cent. The picture in North Africa is almost as bleak, with youth unemployment at more than 23 per cent.

Youth unemployment has long-term consequences for economic growth because of the loss or degradation of human capital. It has been found to leave a “wage scar” in the form of lower earnings that can last into middle age, and has been linked to lower life expectancy and higher crime rates. Youth unemployment also has a corrosive effect on society itself—one that becomes very difficult to redress as time goes by. As the ILO noted in its most recent report, “Perhaps the most important scarring is in terms of the current youth generation’s distrust in the socioeconomic and political systems.”

The most effective way to create jobs is through growth. Policies to re-launch growth must therefore be given priority. But policymakers can also deploy labour market policies to spur job creation more directly. Options include education and training programmes, hiring and wage subsidies, public works programmes, child care subsidies, and lower taxes on labour.

In terms of near-term prospects, the outlook for growth is mixed at best. Even though global growth is showing signs of strengthening, the IMF does not expect it to be much higher this year than last year. Our latest forecast projects 3.3 per cent growth in 2013, and four per cent in 2014.

We have been advising our member countries to address three overarching issues that have been with us since the beginning of the crisis. They include financial sector reform; more balanced global demand; and more emphasis on growth, jobs, and equity.

But even if we assume that policymakers do all the right things, it will take years before growth will be enough to make significant inroads into youth unemployment. So governments need to think outside the box. This is where labour market and education policies come into play. Here, however, what may have worked five years ago may no longer work today because of the fast-changing nature of the work place.

Technology is profoundly transforming the nature of work, as argued by New York Times columnist Tom Friedman. It used to be that 85 per cent was just showing up. Now, he says, “average is over.” Everyone has to bring something extra—their own unique contribution to the value chain. Jobs are constantly re-engineered, and innovation has become a survival skill.

Is more education the answer? Across the OECD, people who left school at the earliest opportunity are twice as likely to be unemployed as university graduates. But it is also true that many people with expensive liberal-arts degrees are finding it impossible to get decent jobs, writes The Economist. In North Africa, university graduates are twice as likely to be unemployed as non-graduates.

There is also the issue of cost to consider. Will people still be willing to pay $500,000 for a degree from Harvard or Stanford? Or will more young people opt for online certificates costing $500 from course providers that provide qualifications in many different areas? Will the model of three to four years of university be replaced by true lifelong learning delivered in a more tailored way to support careers that evolve over a lifetime?

While young people in advanced countries grapple with the high cost of higher education, their counterparts in developing countries, especially in Sub-Saharan Africa, face much more basic challenges. Many young people in these countries leave school poorly educated, and enter the world of work without the knowledge, skills, or behaviors necessary to adapt to changes in the economy and their lives.

Clearly, the challenges are enormous. The future of millions of young people around the world is at stake. To solve the problems of youth unemployment, restoring global growth is crucial, as are policies to support job creation. None of this can be achieved without global cooperation. We at the IMF, with our 188 member countries, will do all we can to restore global growth.

But rethinking education is also an important part of the answer. You, the educators, can play a crucial role in charting a path out of the crisis for youth. But you, too, will need to rethink how you carry out your mandate. The world’s young people do not just need more education—they need education relevant to a very different labour market and world economy than we have ever faced before."

This blog is part of a regular series on the Knowledge Centre looking at issues in higher education ahead of the Global University Summit (May 28-30 2013), hosted by the University of Warwick in Whitehall, London. As part of the Summit, a declaration of commitment and policy recommendations will be drawn up for the G8 summit of world leaders, taking place in Northern Ireland in June.

Image:Greek Riots, 2008 Source: (Flickr)

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Image. Dr Nemat Shafik IMFNemat Shafik assumed the position of Deputy Managing Director of the International Monetary Fund on April 11, 2011.

A national of Egypt, the UK, and the USA , Dr Shafik is a global citizen with a global reputation in fields ranging from emerging markets, international development, the Middle East and Africa, to the financial sector. She brings to the IMF a wealth of experience in policy-making, management, and academia.




May 23, 2013

Inherently Global: Higher Education and Economic Impact

Writing about web page http://www2.warwick.ac.uk/knowledge/business/gus

Image. Stars and planes across the Toronto skyline


A blog post by Dr Joanna Newman, Director, UK Higher Education International Unit

A world-class higher education system is essential for growth and competitiveness in a global knowledge economy. An excellent modern higher education system demands internationalisation in staff, students, partners and outlook. Many UK universities are already leading global enterprises in their own right. With fierce and growing global competition in higher education, and no fat to cut in the highly productive UK system, the need to collaborate with international partners is greater than ever.

As institutions rooted in their communities, they draw visitors, businesses and investment to their cities and regions and act as anchors for skills and enterprise. A high-tech cluster is a rare phenomenon, but every ten international university students in the UK support six local jobs.

Higher education alone is one of the UK’s largest export earners, at over £8 billion a year, and has the potential to more than double in value by 2025. Research and innovation, the key drivers of long term productivity, are already inherently global. Universities are central to attracting and retaining globally mobile investment (and 23 per cent of UK R&D is from abroad, more than any large economy). Just as importantly, they attract and network global talent. Students considering their prospects in an increasingly globalised labour market are realising that future employers will expect the cultural agility to communicate and work with members of a cosmopolitan team, so offering outbound international experience will be important to attracting domestic students and creating global employable graduates.

The UK higher education sector’s leading position, second in the world as a study destination and for research quality, is an asset for one country that brings economic benefits around the world; improving employment rates and wages for returning graduates, assisting international development and building the capacity of emerging powers. Sharing a home with international universities gives business access to talent and new knowledge, the capacity to absorb innovation from elsewhere and the contacts to trade. The government scholarship schemes launched by fast-growing nations show that higher education mobility is an investment priority of the innovation economies of the future.

Universities’ links with other academics, industry or policy makers are often the leading edge of wider international collaboration. Indeed, the World Wide Web itself had its origins in improving international research collaboration. Links between universities and business are vital, growing and global, but the largest and most transformative economic impacts from higher education come precisely because the core mission of universities is to create and impart knowledge. This essential mission creates relationships of trust that can endure short-term market fluctuations, and innovate far ahead of a market application.

This blog is part of a regular series on the Knowledge Centre looking at issues in higher education ahead of the Global University Summit (May 28-30 2013), hosted by the University of Warwick in Whitehall, London. As part of the Summit, a declaration of commitment and policy recommendations will be drawn up for the G8 summit of world leaders, taking place in Northern Ireland in June.

Image: Stars and Planes. Source: (Flickr).

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Image. Dr Joanna NewmanDr Joanna Newman represents the International Unit on the International Education Advisory Forum, is a board member of the School of Advanced Studies and regularly represents the sector on national and international platforms. She is an Honorary Research Fellow at the University of Southampton and a Fellow of the Royal Society of Arts.


May 21, 2013

The Relationship Between Universities and Economic Growth

Writing about web page http://www2.warwick.ac.uk/knowledge/business/gus


Image. Library. Magdalen College Oxford University

A blog post by Dr Wendy Piatt, Director General of the Russell Group of Universities

All the evidence shows our leading research-intensive universities are the engine room of long-term, sustainable growth and prosperity.

Russell Group universities are major contributors to the economy in their own right, supporting more than 270,000 jobs and generating an economic output in excess of £30 billion a year.

This benefit is spread right across the UK and, in many of our major cities up and down the country; universities are key contributors to the regional economy.

For example, the University of Birmingham generated £1.1 billion of spending in the region in the 2011/12 academic year. The value-added contribution to the West Midlands economy was almost double that of the region’s eight largest football clubs.

Russell Group universities contribute out of all proportion to their size - just 24 universities account for more than 60 per cent of the spin-out companies which survive for three years or more.

Higher education overall is one of this country’s most successful export industries and is estimated to contribute more than £8.2 billion a year in overseas earnings - on a par with earnings from the export of electrical equipment or manufactured food products. In Sheffield alone, international students pump £120 million into the local economy every year.

And the contribution from our universities is growing apace. The economic impact has increased from £28 billion to £30 billion in just one year. That’s 7 per cent growth at a time when growth across the whole economy was flat.

Our universities are far removed from the image of remote ivory towers. A recent report by the World Economic Forum ranked the UK among the best countries in the world for business-university collaboration.

The skills and expertise developed by one student at the University of Warwick Business School helped to rejuvenate the management techniques and company culture within a local manufacturing SME.

Discoveries like graphene and spin-outs like the University of Oxford’s Natural Games Motion, now widely used in the film and games industries, which will lead to real growth.

Universities also increase productivity by helping to make existing businesses more efficient. A collaboration between Rolls-Royce plc and researchers at the University of Birmingham resulted in a breakthrough technology which is saving the company millions of pounds every year.

In highly developed economies such as the UK, growth increasingly needs to come from investments in research, innovation and human capital - all areas in which the role of universities is critical.

But successful commercialisation requires sustained and patient investment in research, often over many years or even decades. 125 case studies across the Russell Group showed the timescale from research to first realising a commercial return averages more than 17 years.

The Chancellor rightly recognised the importance of research last year when he explained his approach to scientific investment to the Royal Society and said: “Let us identify what Britain is best at – and back it.”

That’s why we believe the science and research resource budget must continue to be ring-fenced in the forthcoming spending review if the UK is to lift itself out of the economic doldrums and set a course for long-term success.

This blog is part of a regular series on the Knowledge Centre looking at issues in higher education ahead of the Global University Summit (May 28-30 2013), hosted by the University of Warwick in Whitehall, London. As part of the Summit, a declaration of commitment and policy recommendations will be drawn up for the G8 summit of world leaders, taking place in Northern Ireland in June.

Image: Magdalen College, Oxford. Source (Flickr).

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Image. Dr Wendy Piatt, Russell GroupDr Wendy Piatt is the first Director General and Chief Executive of the Russell Group, which represents 24 major research-intensive universities in the UK. She was appointed to set up an organisation providing strategic direction and policy development underpinned by research and communications. She was previously deputy director and head of public service reform at the Prime Minister’s Strategy Unit where she also led work on social mobility, local government, education and skills and digital inclusion. Prior to that, she was head of education policy at the Institute for Public Policy Research, specialising in higher and further education.


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