Foreign students inject approximately $500 million a year into the Ukrainian economy

Ukraine’s Deputy Education and Science Minister, Oleh Derevianko, observes that each of the 63,000 foreign students in Ukraine pay on average US$2,000 for education alone every year, equating to almost 70% of the total sum of the financing of the country’s public higher education.

The Center for Corporate Social Responsibility Development believes this revenue could be even higher as students from abroad currently make up just 4.1% of the total number of students in Ukraine.

Derevianko considers education to be a sector with export potential, noting that the attraction of a large number of foreign students could bring more funds to the country's economy directly, not only via the training or development of human capital. He advocates a change of status for universities, from budget-funded to profit-making, with a cut to the number of institutions, and a greater focus on research.

Deputy Finance Minister Oksana Markarova feels that by allowing the Education and Science Ministry and universities greater autonomy and responsibility for their funds it will separate good universities from bad ones—financial aid could be provided to the former.

Arnaud Chevalier has written about attracting foreign students for IZA World of Labor, noting that in order to expand the skilled workforce, countries need to attract skilled migrants. Chevalier stresses that “[o]ne way of doing this is by attracting and retaining international students.” He states that student migration can positively affect economic growth in both sending and receiving countries, with migrants themselves reaping most of the gains, through higher earnings. He recommends policies that harmonize qualifications and improve the job market for skilled graduates.

Writing about the boom in university graduates and the risk of underemployment, Gustavo A. Yamada stresses that “[r]ather than trying to control the supply of higher education, policies should focus on the collection and dissemination of information on employability by career and institution, and on quality assurance measures.” He advises that effective implementation of these options requires the active participation of education, labor, and tax authorities, as well as the commitment of business associations.

This story can be read in full here.

Related articles:
How to attract foreign students, by Arnaud Chevalier
The boom in university graduates and the risk of underemployment, Gustavo A. Yamada

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