There is a rapid slowdown in the economy of the whole world. For the present financial year 2020, the growth rate in all major economies is expected to be virtually insignificant. Other reasons behind the economic decline include education, which will have a negative impact on various countries’ economy. Education is also a major reason. However, many of us may not regard that as part of our economies, but we can not deny the importance of it for our economies.
Both prestigious universities and colleges draw a variety of students who expend a great deal more on educating them in popular schools. Diverse fees, including hostel and accommodation facilities, catering facilities, conference facilities and excursion fees, and trainings and internships may also be charged to them. Briefly, funding is the lifeblood of today’s school sector.
The world’s education sector has now become both vulnerable and vulnerable to coronavirus pandemics.
The large number of students are currently returned to their homes and many courses have moved online. If lockdowns happen all around the country, incoming students will change their views in such a situation and find it much more difficult to reach their school. Moreover, conventions are not taking place and these wealthy graduates are not as wealthy as they claimed to be.
Covid-19 has been particularly hard hit by West English-speaking universities. They also charge huge sums of household fees and make money from on-site dining and lodging. They appear to charge international students even more so that many universities give them a major source of income.
BBC states that UK undergraduate students outside the UK and the EU can be charged a fee of £58,600 per year rather than the standard £9,000. Although globalization means for many people to import cheaper goods from all over the world, one of the major economic successes for developed economies has attracted students from abroad.
Simon Marginson, University of Oxford professor of higher education, says: “The rise of the middle classes around the world has been the godfather of Western universities.”
“Over recent decades, the world’s middle classes have expanded by slippers, and everyone in the community can send their children to education abroad,” he said.
They did so, not least because many emerging countries do not have the same tertiary education standard as developed countries. But students who study abroad come away with an excellent degree, a second language and multiple friends and connections. It has demonstrated a benefit for millions of people.
America, the United Kingdom and Australia were the major winners. They will draw students from all over the world who have excellent education program that teaches in English.
Andrew Norton (Australian National University in Canberra), professor of higher education policy, says the country has been attempting to attract foreign students from Asia since the 1980s.
For these students, Australia has certain clear advantages, he says. “The atmosphere is favorable and we will migrate here in a nearly the same time period.”
This message is unlikely to encourage new students to be welcomed in the future, and it matters because “there is a pipeline effect,” says Prof. Norton.
“When this year’s students will not continue a study course, they are not here for three years,” he says, implying that for years to come, not just in Australia, Universities will feel the burden of missed incomen.
Here’s a giant business when we speak of the USA. Even some of the oldest and most famous colleges have trillions of funds, massive resources, and a reputation for charging top-dollar students. But still now it’s inaccessible to them.
Most U.S. overseas visitors seek refunds for missed classes, so US colleges are fortunate enough to have students on campus. Catering and lodging are enormous employees. UK students have demanded reimbursement.
Professor Marginson states that while universities have rushed to move online courses, they are clearly not so attractive, at least temporary.
“Students choose face-to – face education, if they choose,” he says. “Not just employers online, but culture as well have the same reputation.”
The University of Cambridge in the UK has announced that it will now offer all of its lectures online for the next academic year. However, if government guidelines were changed, it would review the situation.
Read also: Why does COVID-19 question India’s mental health?
Today, all universities and colleges around the world are based on online and remote teaching methods and, if you still want to maintain your earnings, you now understand the importance of online teaching methods. Since the planet is now closed up and mentally dissociated, they have no choice, because that is the only way to bring money in.
At present, the number of universities which will survive an income collapse or whether these move to online teaching is permanent or not is not adequately documented or informationed. Teaching people on one site together has proved a long lasting, successful business model, and continues to have enormous prestige and rewards for the participants.