In a recent interview with A2 Business, Michal Rutkowski, the Regional Director for Human Development in Europe and Central Asia at the World Bank, emphasized the significance of human capital and its role in business growth. Rutkowski highlighted Albania's low human capital index, pointing out the lack of training and employment opportunities for the 18-24 age group.
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| A primary class in Tirana |
"Recently, we concluded a study on the future of jobs in Europe, and the key finding is that you can only benefit from digitization and technological progress if you have strong foundational skills," Rutkowski stated. He emphasized that the stronger these foundational skills acquired through education are, the more Albanians can benefit from the megatrend of digitization and technological progress.
Rutkowski identified economic integration and globalization as another megatrend that presents opportunities for Albania, particularly in terms of trade benefits. However, he also addressed challenges such as emigration, with many young people leaving Albania without sufficient returns to the country. Additionally, remittances could be utilized more effectively. Lastly, Rutkowski underscored the challenge of adapting to changing job landscapes, emphasizing the need to retrain individuals for future employment opportunities, including those in green investments.
When asked about the World Bank's role in assisting Albania in developing its human capital, Rutkowski outlined ongoing efforts. He highlighted collaboration with the Ministry of Education and Sports to modernize higher education and expand pre-university education and basic skills. Additionally, knowledge transfer through World Bank-funded projects plays a crucial role in supporting Albania's development.
Rutkowski expressed satisfaction with discussions held with various ministries, including Finance, Education and Sports, and Health and Social Protection. He particularly appreciated the Finance Minister's acknowledgment of the importance of human capital for Albania's future growth, emphasizing the rarity of such recognition from finance ministers worldwide.
As Albania navigates its path towards development, investing in human capital emerges as a critical strategy. With concerted efforts from the government, international organizations like the World Bank, and collaboration across sectors, Albania can unlock its human potential and thrive in an evolving global economy.