The Global Crisis and Universities

The effect of the world financial upheaval on higher education institutions around the globe varies markedly from one nation to another, depending on the extent that their banks and currencies have been affected by what is taking place in America and Europe. Universities in countries experiencing an economic downturn, with consumer confidence shattered and unemployment on the rise, are already curtailing their spending and some have begun putting off staff. Even if they face no immediate threat, many institutions that rely for a significant part of their income on student fees – and foreign fees in particular – will be gravely concerned by the problems confronting local students in taking out loans, and the rapid slowing of economies in countries whose students go abroad to study. For universities that have come to rely on the money paid by Chinese students enrolled offshore, the thought of large numbers staying home is alarming. Our correspondents report

Source: Issue No: 0051 University World News - 02 Nov 2008