The Canadian economy could enjoy a $32-billion boost if literacy rates were improved by only one per cent, says Craig Alexander, deputy chief economist of TD Bank Financial Group.
In a report released this week, Alexander argues that making literacy a national priority could reap huge rewards, from job creation to improved crime rates. "It's a matter of quality of life," said Frank McKenna, deputy chair of TD Bank. "It represents an extraordinary drain on our economy." TD's report, entitled "Literacy Matters", makes the case that although Canada is viewed as a largely literate country, there are too many people without the basic skills to fully participate in the economy and civil society.
In order to compete in the global economy, Canada needs to educate its workforce for the knowledge economy, according to the report. "It is an economy in which people rely much more on inputs that are based on knowledge, rather than simple labour inputs," McKenna explained. He continued with the example of a car mechanic. Traditionally, the mechanic's contribution to the economy was based on his ability to "swing a wrench". But now, the job has become more sophisticated, involving not only physical abilities but an understanding of technology and so on.
Source: Macleans Date: 08.09.2007 [89]
Financial News
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