South Korea expects GDP growth thanks to international students

GD&TĐ - South Korea will gain more than 100 billion USD in economic value if one million more international students graduate from universities...

South Korea would gain more than $100 billion in economic value if it added one million more international university graduates, according to a study by the Korea Chamber of Commerce and Industry (KCCI) and Korea University.

The report said that a one percentage point increase in the proportion of foreign graduates in the workforce would increase South Korea’s GDP by 0.11%. With a current workforce of nearly 30 million, adding one million international workers could increase GDP by about 6%, or $104 billion. The report therefore recommends increasing international student recruitment and creating jobs for foreign graduates.

The proposal comes as an aging population and record-low birthrate have led to a shrinking workforce. In 2023, South Korea will have just over 68,000 foreign professionals and over 52,000 international graduate students. That number is too small compared to demand.

The Korea Chamber of Commerce and Industry (KCCI) stressed that attracting international students will not only make up for the labor shortage, but also boost consumption, improve productivity and enhance competitiveness. The organization sees immigration as a solution to four challenges: adapting to AI, reversing the low birth rate trend, enhancing competition and boosting consumption.

The report also proposes building an “international city” with incentives on visas, taxes, healthcare and education services, while linking industrial investment with talent recruitment in the fields of semiconductors, biotechnology, and AI.

According to The Straits Times

Source: https://giaoducthoidai.vn/han-quoc-ky-vong-gdp-tang-nho-du-hoc-sinh-post745399.html