More than half of the world’s top 50 schools will close within a year, according to a new report by the International Association of School and College Academies.
The organisation also forecast that by 2020, the global number of school-based teachers will fall by nearly half.
The annual report also forecast a significant decline in the number of pupils enrolled in secondary schools, with fewer than 2.2 million pupils taking up the next level.
“The global education industry faces the largest transition since the Industrial Revolution,” said the report, which comes just days after the International Year of Education was officially launched in India.
The report, published on Thursday, forecast that the global education market will fall in 2020 by 3.2%.
“While the sector has seen a sustained period of growth, its share of global education revenues will shrink by nearly 60% between 2020 and 2025,” it said.
The global education sector is a sector that was founded in the late 19th century and has seen its share rise from just 0.2% in 2020 to more than 40% in 2021.
In 2020, there were just under 21.3 million students in primary school, compared to more then 60 million students enrolled in primary schools in 2021 and 2022.
The IASA said the decline in secondary education enrollment was a result of the ongoing global economic downturn.
The sector is currently facing “severe constraints” in terms of investment, and the number and quality of teachers is at risk, said IASO director-general David O’Leary.
In the next two years, more than 60 million people will lose their jobs in the global economy, said the IASD report.
The decline in primary education enrollments is a major concern for the IAPA, which says its membership is at “the low end of the spectrum” of education leaders.
The world’s schools face a global funding crisis, and are facing an increased need to raise funding, according the ICA.
The group is pushing for a global education summit in December to help address the global funding shortfall, which is expected to cost the global sector more than $7 trillion by 2021.
IAPAs chief executive, Jim Rippon, said that the organisation would be working with education organisations and governments to try and “shape the next global generation”.
“The current world-wide funding crisis will become a global issue, with a major impact on the global educational landscape and, ultimately, on global growth,” Mr Rippons said.