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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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 Posted: Sun Aug 17, 2008 5:33 pm Post subject: Spending on overseas education declines sharply |
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http://www.koreaherald.co.kr/NEWKHSITE/data/html_dir/2008/08/18/200808180026.asp#top
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Koreans' spending on overseas studies fell 5.8 percent in the first half of 2008, the biggest decline since the Asian financial crisis a decade ago. A slowing local economy, a strong dollar and the improving quality of education here have reduced the comparative advantage of studying overseas, experts said yesterday.
According to the Bank of Korea, Koreans spent $2.25 billion on foreign education during the first six months of this year, $137 million less than in the corresponding period in 2007.
It was a major turnaround in what seemed to be an unceasing climb of Korea's educational spending overseas.
"On the first-half period basis, overseas spending on education swung to the negative for the first time since 2001," said Yang Jae-ryong, head of the BOK's balance of payments statistics team. "It seems that the growth of overseas study has peaked."
It was also the largest half-year fall since 1998 when the Korean won plunged sharply against the greenback amid the massive drainage of foreign capital from the country.
For 1998, Korea's spending on foreign education stood at $829 million, a sharp decline from $1.15 billion in the previous year.
As the country recovered from the financial crisis, the number of Koreans traveling or studying overseas climbed fast, and their total expenditures rose steadily to hit $5 billion last year.
Overseas travel and study spending has been a key factor driving the country's widening deficit on the service account.
The deficit was narrowed to $9.34 billion in the first half of this year, from $10.6 billion a year ago.
Experts say the sluggish domestic economy and a strong dollar may have discouraged parents from sending their children overseas, while the new government's emphasis on English education seemed to have raised expectations that the quality of education here will be improved.
The Korean currency has fallen nearly 10 percent against the dollar so far this year.
By Lee Sun-young
([email protected]) |
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Yu_Bum_suk
Joined: 25 Dec 2004
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| Posted: Sun Aug 17, 2008 5:56 pm Post subject: |
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| Perhaps more of them are just discovering that the Philippines is a lot cheaper. |
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Juregen
Joined: 30 May 2006
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| Posted: Sun Aug 17, 2008 6:10 pm Post subject: |
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| Yu_Bum_suk wrote: |
| Perhaps more of them are just discovering that the Philippines is a lot cheaper. |
The Philippines is a scam.
No one comes back any better. |
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agoodmouse
Joined: 20 Dec 2007
Location: Anyang
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| Posted: Sun Aug 17, 2008 8:30 pm Post subject: |
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| A colleague of mine sent her son to a three week summer camp in the Philippines and was disappointed that the website showed her son talking to someone who wasn't white. The website shows photographs updated each day from the actual summer camp. That is, I think one of his tutors is actually a Philipine national who is non-white. |
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