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Friday, February 3, 2012

EDUCATION RANKING AND JOBLESS RATE: The 10 most educated countries in the world; Canada's Job market ekes out tiny gain in January


While education has improved across the first world, it has not improved evenly.

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In the past 50 years, college graduation rates in developed countries have increased nearly 200%, according to Education at a Glance 2011, a recently published report by the Organisation for Economic Co-operation and Development (OECD).

The report shows that while education has improved across the board, it has not improved evenly, with some countries enjoying much greater rates of educational attainment than others.

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The countries with the most highly educated citizens are also some of the wealthiest in the world. The United States, Japan and Canada are on our list and also have among the largest GDPs. Norway and Australia, also featured, have the second and sixth-highest GDPs per capita, respectively. All these countries aggressively invest in education.

The countries that invest the most in education have the most-educated people. All of the best-educated countries, except for the UK, fall within the top 15 OECD countries for greatest spending on tertiary — that is, college or college-equivalent — spending as a percentage of GDP. The U.S. spends the second most and Canada spends the fourth most.

Interestingly, public expenditure on educational institutions relative to private spending by these countries is small compared with other countries in the OECD. While the majority of education is still funded with public money, eight of the countries on our list rely the least on public funding as a percentage of total education spending. [More from 24/7 Wall St.: The 10 Most Hated Companies in America]

The countries included here have had educated populations for a long time. While they have steadily increased the percentages of their populations with postsecondary educations, the increases are modest compared to developing countries. The U.S., Canada and Japan have had tertiary educational attainment above 30% since at least 1997. Poland, a recently developed country that is not on our list, had a tertiary educational rate of 10% in 1997. As of 2009, that rate had grown to 21%.

These are the 10 most educated countries in the world.

10. Finland
> Pct. population with postsecondary education: 37%
> Avg. annual growth rate (1999 – 2009): 1.8% (3rd lowest)
> GDP per capita: $36,585 (14th highest)
> Pop. change (2000 – 2009): 3.15% (10th lowest)

Finland is a small country relative to the other OECD members. The share of its adult population with some sort of postsecondary education, however, is rather large. This select group is reaching the end of its expansion. From 1999 to 2009, the number of college-educated adults increased only 1.8% annually — the third-smallest amount among all OECD countries. Finland is also one of only two countries, the other being Korea, in which the fields of social sciences, business and law are not the most popular among students. In Finland, new entrants are most likely to study engineering, manufacturing and construction.

9. Australia
> Pct. population with postsecondary education: 37%
> Avg. annual growth rate (1999 – 2009): 3.3% (11th lowest)
> GDP per capita: $40,719 (6th highest)
> Pop. change (2000 – 2009): 14.63% (3rd highest)

Australia’s population grew 14.63% between 2000 and 2009. This is the third-largest increase among OECD countries. Its tertiary-educated adult population is increasing at the much less impressive annual rate of 3.3%. Australia also spends the sixth-least amount in public funds on education as a percentage of all expenditures. The country also draws large numbers of international students. [More from 24/7 Wall St.: Ten Cities Crushed by the Global Recession]

8. United Kingdom
> Pct. population with postsecondary education: 37%
> Avg. annual growth rate (1999 – 2009): 4.0% (9th highest)
> GDP per capita: $35,504 (16th highest)
> Pop. change (2000 – 2009): 3.47% (13th lowest)

Unlike most of the countries with the highest percentage of educated adults, the UK’s educated group increased measurably — more than 4% between 1999 and 2009. Its entire population only grew 3.5% between 2000 and 2009. One aspect that the UK does share with a number of other countries on this list is relatively low public expenditure on education institutions as a percentage of all educational spending. As of 2008, 69.5% of spending came from public sources — the fourth-smallest amount among OECD countries.

7. Norway
> Pct. population with postsecondary education: 37%
> Avg. annual growth rate (1999 – 2009): N/A
> GDP per capita: $56,617 (2nd highest)
> Pop. change (2000 – 2009): 7.52% (14th highest)

Norway has the third-greatest expenditure on educational institutions as a percentage of GDP, at 7.3%. Roughly 23% of that is spent on tertiary education. In Norway, more than 60% of all tertiary graduates were in a bachelor’s program, well more than the U.S., which is close to the OECD average of 45%. The country is one of the wealthiest in the world. GDP per capita is $56,617, second only to Luxembourg in the OECD.

6. South Korea
> Pct. population with postsecondary education: 39%
> Avg. annual growth rate (1999 – 2009): 5.3% (5th highest)
> GDP per capita: $29,101 (13th lowest)
> Pop. change (2000 – 2009): 3.70% (14th lowest)

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Korea is another standout country for its recent increase in the percentage of its population that has a tertiary education. Graduates increased 5.3% between 1999 and 2009, the fifth-highest among OECD countries. Like the UK, this rate is greater than the country’s recent population growth. Korea is also one of only two countries — the other being Finland — in which the most popular fields of study are not social sciences, business and law. In Korea, new students choose to study education, humanities and arts at the greatest rates. Only 59.6% of expenditures on educational institutions come from public funds — the second-lowest rate.

5. New Zealand
> Pct. population with postsecondary education: 40%
> Avg. annual growth rate (1999 – 2009): 3.5% (14th lowest)
> GDP per capita: $29,871 (14th lowest)
> Pop. change (2000 – 2009): 11.88% (8th largest)

New Zealand is not a particularly wealthy country. GDP per capita is less than $30,000, and is the 14th lowest in the OECD. However, 40% of the population engages in tertiary education, the fifth-highest rate in the world. The country actually has a rapidly growing population, increasing 11.88% between 2000 and 2009. This was the eighth-largest increase in the OECD. Part of the reason for the high rate of tertiary graduates is the high output from secondary schools. More than 90% of residents graduate from secondary school.

4. United States
> Pct. population with postsecondary education: 41%
> Avg. annual growth rate (1999 – 2009): 1.4% (the lowest)
> GDP per capita: $46,588 (4th highest)
> Pop. change (2000 – 2009): 8.68% (12th highest)

The U.S. experienced a fairly large growth in population from 2000 to 2009. During the period, the population increased 8.68% — the 12th highest among OECD countries. Meanwhile, the rate at which the share of the population with a tertiary education is growing has slowed to an annual rate of 1.4% — the lowest among the 34 OECD countries. Just 71% of funding for educational institutions in the country comes from public funds, placing the U.S. sixth-lowest in this measure. Among OECD countries, the largest share of adults with a tertiary education live in the United States — 25.8%.

3. Japan
> Pct. population with postsecondary education: 44%
> Avg. annual growth rate (1999 – 2009): 3.2% (10th lowest)
> GDP per capita: $33,751 (17th lowest)
> Pop. change (2000 – 2009): 0.46% (6th lowest)

In Japan, 44% of the adult population has some form of tertiary education. The U.S. by comparison has a rate of 41%. Japan’s population increased just 0.46% between 2000 and 2009, the sixth-slowest growth rate in the OECD, and the slowest among our list of 10. Japan is tied with Finland for the third-highest upper-secondary graduation rate in the world, at 95%. It has the third-highest tertiary graduation rate in the world, but only spends the equivalent of 1.5% of GDP on tertiary education — the 17th lowest rate in the OECD. [Also see: College Majors that are Popular]

2. Israel
> Pct. population with postsecondary education: 45%
> Avg. annual growth rate (1999 – 2009): N/A
> GDP per capita: $28,596 (12th lowest)
> Pop. change (2000 – 2009): 19.02% (the highest)

Although there is no data on the percentage of Israeli citizens with postsecondary education dating back to 1999, the numbers going back to 2002 show that growth is slowing dramatically compared to other countries. In fact, in 2006, 46% of adults ages 25 to 64 had a tertiary education. In 2007 this number fell to 44%. Only 78% of funds spent on educational institutions in Israel are public funds. The country is also only one of three — the other two being Ireland and Sweden — where expenditure on educational institutions as a proportion of GDP decreased from 2000 to 2008. Israel also had the largest increase in overall population, approximately 19% from 2000 to 2009.

1. Canada
> Pct. population with postsecondary education: 50%
> Avg. annual growth rate (1999 – 2009): 2.3% (5th lowest)
> GDP per capita: $39,070 (10th highest)
> Pop. change (2000 – 2009): 9.89% (10th highest)

In Canada, 50% of the adult population has completed tertiary education, easily the highest rate in the OECD. Each year, public and private expenditure on education amount to 2.5% of GDP, the fourth-highest rate in the world. Tertiary education spending accounts for 41% of total education spending in the country. In the U.S., the proportion is closer to 37%. In Israel, the rate is 22%. In Canada, nearly 25% of students have an immigrant background.

Canada's Job market ekes out tiny gain in January

Canada's sluggish economy caused the job market to stall unexpectedly in January

Canada's sluggish economy caused the job market to stall unexpectedly in January, adding to a string of soft data and providing another reason for the Bank of Canada to keep its policy stimulative for longer.
The economy created a negligible 2,300 net new jobs in the month as layoffs in construction and professional services offset modest hiring in manufacturing, Statistics Canada said on Friday.

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The jobless rate ticked higher to 7.6 percent from 7.5 percent, the highest since April 2011, as more people were looking for work.
Analysts in a Reuters poll had predicted 23,100 new positions and a jobless rate holding steady from December at 7.5 percent.
"Obviously after a weak fourth quarter we were expecting more of a bounce back in the first quarter, but no signs of it in this report," said Paul Ferley, assistant chief economist at RBC.
The Canadian dollar weakened to a session low of C$1.0024 to the U.S. dollar, or 99.76 U.S. cents, after the news. It traded near equal value with the greenback just ahead of the numbers.
The latest data follows a report that showed Canadian gross domestic product contracted in November for the first time since May.
Canada recovered all the jobs lost during the recession a year ago as employment growth outperformed the United States in the last couple of years.
That trend may be reversed this year. Hiring tapered off in the second half of 2011, although job gains in December had raised hopes of a continued comeback in January.
In the year to December, Canada added 129,000 jobs, a gain of 0.7 percent and the total number of hours worked increased by 1.4 percent.
The report reinforced expectations the central bank, which has held its benchmark interest rate at 1 percent since 2010, will keep policy easy through 2012 with an eye on possible fallout from the European debt crisis.
Overnight index swaps, which trade based on expectations for the central bank's key policy rate, showed that traders priced in slightly higher odds of a rate cut later this year after the report.
Most economists have forecast the central bank will keep rates on hold until 2013.
"The report will weigh towards keeping the Bank of Canada on the sidelines, maintaining a low rate policy," said Sal Guatieri, senior economist at BMO Capital Markets.
Full-time employment fell by 3,600 while part-time employment rose by 5,900 in the first month of 2012 and hiring was even across the public and private sectors. The number of self-employed fell by 37,000 while employees increased by 39,000, Statscan said.
The hourly wage of permanent employees, closely watched by the Bank of Canada for signs of inflationary pressures, rose 2.2 percent in January compared with a year earlier, down from 2.4 percent in December.

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