Global trend in education industry
This report is on the global trend of internationalization of higher education and its impact on education industry in Singapore in general, especially the Private Education (PE) sector. In the last two decade or so, educational institutions as well as governments having recognized the enormous potential of overseas market for education have been internationalizing education, especially higher education. Also, in the recent time universities and institutions around the globe including Singapore have been experiencing a decrease in public-funding and also corporatization. These developments have placed the institutions under constant pressure to restructure to become more entrepreneurial and globally competitive. This report also examines the policies that helped in growth of the education industry in Singapore and the role being played by foreign universities in achieving the ambition of Singapore to be a ‘Global Education Hub’.
Analysis of the global trend
The global trend of internationalization of higher education, especially among universities in industrialised developed nations has been consistent in the last two decades or so and it has manifested itself by way of exchange of faculty, students and curricula. Universities in the developed nations like USA, UK, Australia and some countries in Europe have been seeking much greater number of students to their campuses as well as established collaborative links with developing and transnational economies.
In late 1980s and early 1990s Singapore became a net importer of education services, with rising number of Singapore students enrolling in external degree programs. This trend combined with Singapore’s drive to move away from manufacturing to a knowledge based economy provided impetus to foreign universities and institutions to set up here. To achieve its quest to become a...