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 had 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 nearly 30 million workers today, 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. The numbers are too small compared to demand.

The Korea Chamber of Commerce and Industry (KCCI) stressed that attracting international students not only makes up for the labor shortage, but also boosts consumption, improves productivity and enhances 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, health 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