Human capital is obviously a key input for sustainable growth, via value-added manufacturing and services, or remittances. The economic miracle and middle class expansion seen in China and underway in India is not possible without this.
However, more education also means more expectation of economic gain and greater political awareness, and that means a greater risk of protest if there is disappointment on employment growth or the cost of living.
Following World Teachers' Day on 5 October, we chart metrics for education enrolment, human capital and innovation across developed and emerging markets.
There is a much wider spread in these metrics in the large emerging markets compared with the main developed markets, which is a reflection of the diversity of the EM asset class.
To acknowledge the political risks when there are insufficient employment opportunities for an educated workforce, we also chart youth unemployment.
Our Country Index in this context
School enrolment, innovation capability, and youth unemployment are three of the factors incorporated into our EM Country Index, where the weight attached to all factors can be customised.