ISLAMABAD: Human capital (skills) development is key to the economic growth of a country. Human capital includes technical skills, education, communication skills, creativity, experience, problem-solving skills, mental health, leadership qualities, personal resilience, etc.
It is the responsibility of a government to help its citizens attain these skills and participate in economic growth.
Ijaz Ali, an economist at the Centre of Business and Economic Research (CBER), Institute of Business Administration, Karachi, told WealthPk that human capital skills are one of the major sources of economic growth. “People will be more engaged and play their role in boosting economic growth if they have human capital skills.” He further said that health and education are two major pillars of the economy, but unfortunately, both these sectors were lacking development in Pakistan. “In the past three decades, government spending on health and education has remained low. Pakistan’s spending on education has improved over time though, still the spending constitutes a very low percentage of GDP.” He said the governments of other counties actively enhance human capital by offering higher education to people. “The government of Pakistan must improve the standards of educational institutions to suit the modern-day market needs. Provision of high-quality education to students helps them contribute significantly to economic development.” n“The health sector of Pakistan also needs improvement in terms of hospitals, doctors, medicines and other related equipment. In Pakistan’s rural areas, especially Sindh, Balochistan and Khyber Pakhtunkhwa, there are no proper hospitals, and the people have no access to quality healthcare,” he pointed out. –INP
