OBRAZOVANJE − KRITIČNI FAKTOR USPEHA EKONOMIJA U RAZVOJU
EDUCATION – A CRITICAL FACTOR IN THE SUCCESS OF DEVELOPING ECONOMIES

Author(s): Svetlana Kisić
Subject(s): Economy, Education, National Economy, Public Finances
Published by: Finrar d.o.o Banja Luka
Keywords: education; skills; labour market; Fourth Industrial Revolution; Bosnia and Herzegovina;
Summary/Abstract: New knowledge and new technologies are causing an accelerated transformation of economies and societies on a global scale. Ways of production, consumption, service delivery and communication are changing. Labour market demands are changing dramatically. New occupations emerge and existing ones disappear. This opens up new opportunities, raises productivity, enables higher consumption, encourages growth, yet to reap the benefits from the positive effects of change, significant investment in human capital and knowledge and skills development of the population are essential.This is particularly important for developing countries such as Bosnia and Herzegovina.The emphasis in education is moving from memorization to developing analytical and critical thinking, problem solving, creativity, adaptability, team work, skills for lifelong learning. It is already obvious that even at lower education levels, preparing individuals to cope with a complex, digital environment becomes important.The education system needs to ensure people are equipped with the skills to adapt to technological changes and leverage their potentials. The required knowledge and skills need to be developed before entering the labour market and updated throughout the working life.Analysis of the Bosnia and Herzegovina education system outcomes at different levels shows that it fails to fulfil its social task. Students’ results in international testing are below average,graduates are inadequately prepared for their first job requirements, the profile structure from secondary school level upwards is notably mismatched to the labour market needs.What is required is a radical, consistent reform of the education system at all levels. Solutions exist, what we need is to acknowledge the world around us.

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