The U.S. economy faces a more than $15 trillion hit as a result of school closures, the OECD says.
The intergovernmental economic organization said this projected loss of gross domestic product, which measures economic growth, would be equivalent to a total economic loss of $15.3 trillion in the U.S.
It was estimated this loss of time in the classroom would lead to a loss of skills, and this, in turn, would negatively impact productivity. As a result, the total cost of missed schooling could amount to 69% of the current GDP for the typical country, the OECD said. The OECD said losses to economic growth could be "proportionately higher" if schools were slow to return to "previous levels of performance."
The OECD said that while educators have made a concerted effort to maintain learning during this period of homeschooling, children have had to rely more on their own resources to study remotely. Meanwhile, teachers have had to adapt their methods to educate students in ways in which they may not have been trained.
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