As the COVID-19 pandemic continues to affect the U.S., elementary and secondary schools across the nation have been forced to shut down and transition to remote learning to reduce the spread of the virus. These closures have an obvious effect on learning in the short-term, as many schools were unprepared to convert their curriculum to digital platforms. However, school closings could also have a massive effect on the long-term outlook of the economy. According to a study performed by The Organization for Economic Cooperation and Development (OECD), the U.S. Economy could see an average of 1.5% less GDP growth per year, amounting to a loss of $15.3 trillion by the end of the 21st century.

The study assumed that students would lose an average of one-tenth of a standard deviation of skills and that schools would return to previous levels of learning after the COVID-19 pandemic. The results from the study serve as a wake-up call for both economic and educational experts. If schools do not equip their teachers and students with enough resources to facilitate a productive learning environment and learning continues to occur more slowly than before the pandemic, the U.S. economy could feel the effects long after the virus disappears.

Written by: Ryan Peters, Domestic Analyst