UNITED NATIONS GIRLS EDUCATION INITIATIVE

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30 April 2009, Issue No. 24 - The Financial Crisis


Issue No. 25, 30 April 2009
United Nations Girls Education Initative
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The Financial Crisis
Girls reading

In the remote province of Lao Cai, Viet Nam, girls from an indigenous community read outdoors at Ban Pho Primary School
(© UNICEF/NYHQ2009-0222/Josh Estey)



After the G20: Leaders pledge on education investment

LONDON, United Kingdom, 7 April 2009 - World leaders at the G20 summit pledged to support investment in education and training to help the most vulnerable find a way out of the economic crisis. The pledge came in a Leaders' Statement issued after the summit held in London on April 2 and under the header of ‘ensuring a fair and sustainable recovery for all."

Leaders pledged to "support employment by stimulating growth, investing in education and training, and through active labour market policies, focusing on the most vulnerable."

Committing $US1.1 trillion of additional resources to address the crisis, the summit acknowledged that the only way out of what it described as the greatest challenge to the world economy in modern times' was to find a global solution which enabled growth to be shared and sustainable.

The historic decisions made at the G20 summit in London on April 2 were welcomed by the Chief Executives of 28 UN bodies, including the UN Secretary-General Ban Ki-Moon, at a meeting at UNESCO headquarters in Paris on the weekend on 4 and 5 April.

The chief executives meeting highlighted the fact that even before the onset of the current financial crisis, significant challenges existed in terms of food, education, health, water and sanitation, housing and minimum welfare for the most needy.


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spacerQuick Facts - Financial Crisis

Impact of the 1997 Financial Crisis on Education in East Asia

Indonesia

  • Rupiah fell 6% against US$. GDP contracted by 14%
  • Secondary enrolment fell by as much as 11%; drop-outs increased, particularly among the poor

Thailand

  • Baht plummeted; Thailand GDP fell 8%
  • Students left school at transition points (elementary-middle-high school)

Republic of Korea

  • Won depreciated sharply; GDP contracted 6%
  • Drop-out rates increased sharply; transition from private to public education

Philippines

  • Peso plummeted; GDP shrank
  • Secondary school enrolment fell 8%
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Source: Ablett, Jonathan, and Ivar-André Slengesol, Education in Crisis: The impact and lessons of the East Asian Financial Shock 1997-99, UNESCO, Paris, 2001.



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