Former education ministers from South Korea, Poland and the Netherlands, who have played an important role in implementing education reforms in their countries, spoke at the event. They spoke about the evolution of world-class education systems that laid the foundation for economic change by developing human capital and increasing the level of knowledge of their people. “International experience shows that countries that have successfully transformed from low-income economies into high-income countries have invested heavily in developing their education systems. Thus, an increase in student mastery rates can lead to an economic growth rate of 1-2%. Accelerating the development and implementation of strategic measures by the Uzbek government in the field of education can pave the way for the country to become a competitive economy on the world stage, ”said Marco Mantovanelli, World Bank Country Manager for Uzbekistan.

According to the forum participants, the insufficient level of human capital limits Uzbekistan's ability to attract additional foreign investment and economic growth. For example, firms in the local market do not have the opportunity to acquire the professional and technical skills they need, and the lack of a skilled workforce is one of the most serious obstacles to their growth. This situation is exacerbated by the mismatch between the skills and knowledge provided by the education system, which are of great importance for new businesses in the economy, and the demands placed on young workers by employers. Forum participants also analyzed the impact of COVID-19, which has led to serious losses in the education of school children. As a result, the knowledge of the majority of students around the world does not fall below the minimum level of knowledge. If governments do not take urgent action to make up for the loss of education among the affected segments of the population, the impact of the pandemic on education will have an impact on the economy for decades to come. If we assume that schooling increases income levels by an average of 8% each year, COVID-19 will reduce students ’educational losses and reduced school attendance by about 3.5% of their expected income.

As for Uzbekistan, the total economic losses as a result of the loss of income of individual students due to knowledge not acquired as a result of the COVID-19 pandemic could be up to $ 425 million per year (at purchasing power parity in 2011). Like many countries, Uzbekistan needs to reserve sufficient budgets for education, make up for lost knowledge, take steps to prevent students from dropping out of school, and invest in an education system that can work in other crises in the future.

“The government of Uzbekistan understands the importance of investing in education and the development of modern vocational skills of young people. Since 2016, the government’s efforts have focused on modernizing the education sector, providing students with the knowledge and skills to meet labor market requirements. This approach is inherent in an innovative and fast-growing market economy. Uzbekistan has set ambitious goals in the field of education. In particular, the concept of development of the public education system envisages that by 2030 the country will be among the top 30 countries in the world in the ranking of PISA (The Program for International Student Assessment) - an international program to assess student achievement. Minister of Public Education of Uzbekistan Sherzod Shermatov said.

Local and international experts agreed that the hasty attraction of public funds to curricula coordinated between different levels of education and labor could increase the level of human capital and the professional skills of the population. These measures will lay the foundation for economic growth, further integration of Uzbekistan into the world economy, as well as improving the living standards of citizens who are well prepared for the requirements of the labor market.