Western Union Business Solutionsconducted a forecast and reported 79% of international student growth from Asia should come by the year 2025. Nawaz Ali, Head of Market Insights, presented an overview of the report.
The forecast report provided a market-deep dive into the post-pandemic future of international higher education scenarios.Ali stated that the report was based on conversations in regard to post-pandemic plans after the huge economic crises.
The findings of the forecast show China and India as key players in supporting markets for outbound students, and the surprising emergence of Vietnam and Nepal to the extent of surpassing Germany.
Report findings suggest a high increase of Indianstudents in Canada with around 40,000 by 2025 in comparison to 2019. Special visa processes in Canada are the probable push factor in this case, as stated by Ali.
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Nepals number of global outbound students is expected to increase by 3.1% CAGR between 2019 and 2025. The major push factor here is growth in numbers of households with incomes of USD 35,000 by 58.6%. This rate was 9.1% in 2015 and has doubled since, with 22.8% in 2021. The mobility rate in 2019 was 21.4%. Ali stated that this has been reportedafter the adverse impact of the countrys biggest earthquake in 80 years. Australia shall benefit the most from Nepals outreach with 42% of the outbound share.
Kazakhstan is also expected to become an influential market to grow from 80,000 (short of) to 100,000 by 2025.
China shall remain the dominant player. Peter Chen, Head of China Office (University of Huddersfield), also attended the webinar and stated confident expectations of continued support from the Chinese government. However, he did accept that border reopening is required for full confidence and recognised short term projects and vocational education as impact factors.
Dino Leo, Head of Education Europe, expressed the desire to learn about the push factors behind the markets not being active in day-to-day dealing. He also stated that now payments are online and prompt and not delayed, which shall affect the whole scenario as well.
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In terms of the inbound market, the US will dominate with 165,000 additional students by 2025, with similar dominated shares of Australia and Canada.
Despite Brexits fallout, the EU is expected to attract around 85,000 international students to the UK. Although Brexits effect on student mobility from Europe is a major concern, the prestigious status of UK universities attracts international students worldwide and close proximity to home for EU countries makes it a desirable study abroad destination.
Rajiv Sharma, Managing Director of Education, Medical & NGO, stated work rights as an important factor, calling it a double-edged sword. He praised Bidens scheme to redeploy Islamic country-based students with work rights, as they often return to the region of Saudi Arabia, making them functional non-contributors. He recognised the King Abdullah Scholarship programme as a major challenge.
Chen received the work outlook as positive, as Chinese companies prefer first-degree foreign-educated employees due to their multitude of experience.
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Source: The PIE News