An Inclusive Model of Educational Expenditure and Economic Development for Zimbabwe

Abstract

This study sought to determine an inclusive framework for education expenditure that enhances economic development for Zimbabwe. The study used the ARDL-ECM in the determination of the relationship between the two variables, using data for the period 1980 to 2021. E-views 
Version 12.0 Statistical Package was used to run the regressions. Data were obtained from the International Monetary Fund and World Bank. The study found an inverse relationship between expenditure on education and economic development in Zimbabwe for both the short-run and 
long-run periods. Guided by the Zimbabwe Education 5.0 Model, the study recommends that a stand-alone research budget be made available for the institutions of higher education. It is also true with the industry that expects the best from graduates to fund research done by the 
institutions of higher education. It follows, therefore, that the industry must have constant liaison with the institutions of higher education, presenting challenges which they are facing for research to be conducted with the view of proffering solutions. In fact, facilitators from the 
institutions of higher education must be able to research on the needs of the economy, and impart knowledge on students, guided by the predetermined economic needs. It is from the research that the institutions would have conducted that would inform the content of teaching and community outreach. The students would then benefit from the researched teaching, thus, enabling them, and the facilitators to cause innovation and industrialisation.