Sept 14, Colombo: According to the newly released Human Capital Report 2017, Sri Lanka was ranked at 70th position globally with an overall score of 61.19 on the Human Capital Index, which quantifies how 130 countries are developing and deploying their human capital, and tracks progress over time.
The Human Capital Index ranks 130 countries on how well they are developing their human capital on a scale from 0 (worst) to 100 (best) across four sub-indexes - capacity, deployment, development and know-how - and five distinct age groups to capture the full human capital potential profile of a country.
The index, released Wednesday by Geneva-based World Economic Forum (WEF) seeks to serve as a tool to assess progress within countries and point to opportunities for cross-country learning and exchange.
The report said Sri Lanka is the bright spot for the South Asian region benefiting from "strong educational enrolment rates as well as comparatively positive perceptions of the quality of its primary schools and education system overall, essential elements for building the nation's future human capital."
However, Sri Lanka underperforms when it comes to translating the potential of its young generation to the workplace, with more than one in five 15-24 year-olds currently unemployed.
On capacity sub index which includes literacy and primary, secondary and tertiary education attainment rates, Sri Lanka scored 73.8 and ranked 44 but on know-how which covers skilled employment ranked 84 with a score of 49.4. On the deployment sub-index that covers the labor force participation and gender gap the country ranked 96 with a score of 60.
Overall from South Asia, Sri Lanka (70) is the top performer, while Nepal (98), India (103), Bangladesh (111) and Pakistan (125) lag behind. With the exception of Sri Lanka, the rest have yet to reach the 60% threshold with regard to developing their human capital.
Norway has been ranked the best-performing country in the world when it comes to the training and education of its population. Finland is in 2nd place, Switzerland is in 3rd place, United States is 4th and Denmark is in 5th place.