The Global Knowledge Economy: An increasingly competitive landscape
A new shift is occurring as universities around the world have set their sights on attracting students from abroad. In a quest to cultivate knowledge-based economies, governments around the world are making huge investments to improve the quality of their universities. The new bar is academic excellence. In the new global economy, to be considered well-educated, one must be exposed to ideas and people and transcend national boundaries. Human capital is being cultivated as global universities compete for the best and brightest. According to the NAFSA: Association of International Educations, it is estimated that international student enrollments contributed $21.81 billion to the U.S. economy during the 2011-2012 academic year.
Global Educational Forecast by 2025:
50% - almost all of this rapid growth will occur in the developing countries, with more than 50% in India and China alone.
350,000 students - the combined capacity to attract international higher education to foreigners in this decade by traditional source countries, with Jordan and Malaysia each hoping to attract 100,000 each by 2020 and Singapore, hoping for 150,000 by the year 2015
8 million - the projected number of students to travel to other countries to study abroad by 2025 - almost 3 times today’s numbers.
262 million students - the projected number of students seeking global enrollment in higher education by 2025
“Something big is happening…Making the most of human capital—a key to competitiveness and prosperity—is more and more the work of globalized universities competing for the best thinkers and the best ideas.”
- The Wall Street Journal, May 2010