UK, USA and Canada become the hot spot for education for students from other continents. Last year in 2014, almost $27 billion dollars profit made by the USA because of international students, which is 12% more than 2013. This huge increment has been fetched by students from upper-middle-income economies and countries with great educational scholarship programs, which brings a major shift from before the 2008 financial emergency.
It has been predicted that by 2017, the global investment is projected to augment its expenses on educational products and services by nearly 50 percent, from $4.4 trillion in 2012 to $6.2 trillion. The major pull factors in student-receiving countries, for example: greater quality of education, better lifestyle, better living conditions, and strong affinity for labor market demand have drifted the growth of international student mobility since the 2008 financial crisis. Increase mobility of students from developing countries such as China, Brazil, Mexico, and Turkey is outrunning to both low and high income countries.
Major countries like UK, Canada and Australia are very prompt in welcoming the overseas students as these countries understand the bigger impact of international students on their economy. They acknowledge the potential benefits of students from overseas. But in the USA context, except for NAFSA’s annual economic impact report, voices on the advantages of international students to the national economy and institutional welfare are so far to be reached.
The main objective of this article is to reflect the economic impact of these new students’ migration trends and they are having on host countries at the national, local, and institutional levels. Let’s first consider the recruitment of overseas students in the top four English-speaking countries – the U.S., UK, Australia, and Canada before looking in more depth at the contribution of international students to the US economy and to select the USA universities. The conclusion will be decided with a look at the suggestions of the economics of student mobility for overseas recruitment management in the universities of higher education, USA.
People responsible for staffing and the economic involvement of foreign students to the US.
According to WES (World education service) analysis of IIE Open Doors data, There is a significant increase, i.e. 55% has been increased of the total number of international students in the U.S. in between 2003/04 and 2013/14. Sixty percent students are self-financed and now it is nearly two-thirds of all international students in the US. At the same time, the number of intercontinental students receiving overseas government scholarships or overseas university funding almost increased from 13,699 to 66,147; similarly, those funded by a company jumped five times from 10,000 to 50,000. In the meantime, the number of students sponsored by a college or university of US has rejected to 19 percent, down from 23 percent in 2003-04.
The allegations are crystal clear: strong consumer demand and partnerships with overseas governments and foreign universities are at present the main sources of international staffing growth in the United States. It has a great impact on the economy of the USA also.