Unless all countries are underdeveloped, education is a hygiene factor and doesn't as such provide any benefits.
In Europe, Switzerland is one of the countries with the fewest academics. Instead they focused on technical educations (starting from something akin to trade school up to university level knowledge). The results while most European countries first now a waking up the the realization that academic education isn't the only education of value and is scrambling to make their tradeschools/technical schools working better, Switzerland is one of the few countries doing very specialized production that can't be outsourced (for now)
In other words education is important but the focusing on education especially higher but also on the elementary level as some sort of indication of how well a country is fairing is not really a useful metric.