Education as an Investment: A Comparative Analysis of Impact on Economic Growth and Development Across the G-20 Countries

Abstract

The impact of education was the focus, particularly considering that other economic variables were considered as control variables without doing a thorough analysis. The combined two-stage Least Square (2SLS) estimation was conducted in conjunction with phenomenological analysis and multiple regression using a mixed-methods approach. The findings demonstrated that the lifelong learning index and primary school attendance had no statistically significant impact on corruption levels across all G20 nations. On the other hand, secondary school attendance significantly lowered corruption levels across all national classes. Furthermore, it was discovered that participation in post-secondary education decreased corruption levels in emerging nations and all other members while increasing them in wealthy nations. It is exceptional that the GDP per capita had a notable and positive useful effect on developing countries and a contrastingly strong and negative influence on developed countries. The government effectiveness index had a substantial adverse impact on secondary education across all country categories, according to research. However, the influence of inflation and economic openness on corruption levels was shown to be significant and positive only in rising economies. The report's strategic suggestion (implication for policy) is that the secondary education should be prioritized above all else to overcome concerns of corruption.