International Education Industry defies Global Financial Crisis
The international education industry is set to defy the global financial crisis as the only major export predicted to ride it out, as reported by the Australian Government Export Finance and Insurance Corporation (EFIC).
This is positive news for Queensland’s international education and training sector, which contributed $1.889 billion to the Queensland economy in 2007-08. In times of economic uncertainty many households are prioritising education over other expenses. Many key Asian markets consider education an essential household expenditure with many families continuing to make sacrifices to ensure their children obtain offshore qualifications.
In the current economic climate it is essential that Queensland institutions re-examine and consolidate marketing and recruitment efforts to ensure market share and quality educational outcomes for international students are retained. It has been suggested that traditional markets may slow and new markets may emerge stronger than expected.
IDP Education predicts healthy growth, although not at the same level as in 2008. Queensland VET international enrolments jumped a massive 71% from November 2007 to November 2008 (based on year to date enrolments) and 46% during the same period Australia wide. First quarter data to be released by AEI in March 2009 is greatly anticipated to further ascertain the impact of the global financial crisis on the international VET sector.