Investment in job training could boost global GDP
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The World Economic Forum and PwC found that increased investment in job training, or reskilling, could add 6.5 trillion US dollars to the global GDP by 2030.
The analysis, from 2021, determined that accelerating reskilling investments would also create 5.3 million new jobs and increase productivity by an average of 3 percent. Several countries are already making substantial investments in these programs.
Singapore, after achieving high growth by attracting foreign workers since its founding in 1965, shifted its policy in 2014 to focus on raising per capita productivity through job training. Singapore provides 500 Singapore dollars (about 530,000 Korean won) in training funds to all citizens over 25 and supports over 25,000 types of vocational training. The United Kingdom also prioritised job training following the COVID-19 pandemic, launching the ‘Lifetime Skills Guarantee’ in 2021.
The UK invested 2.5 billion pounds (approximately 4.5429 trillion Korean won) to offer free professional education in 150 courses to adults over 19. As of 2025, Singapore ranked seventh in the world for talent competitiveness, according to the Swiss IMD, consistently maintaining a top position.
