Bangladesh has spent Tk 110 billion on overseas education, with the expenditure doubling in the last 5 years.
Introduction to the Trend of Overseas Education in Bangladesh
Bangladesh has witnessed a significant surge in the number of students opting for overseas education, leading to a substantial increase in expenditure. According to recent reports, the country has spent a staggering Tk 110 billion on overseas education, with the expenditure doubling in the last 5 years. This trend raises questions about the factors driving this increase and its impact on the economy. In this article, we will delve into the background, key details, and implications of this phenomenon.
Background of Overseas Education in Bangladesh
The desire for quality education has long been a driving force for Bangladeshi students to seek opportunities abroad. Developed countries like the United States, United Kingdom, Australia, and Canada have been the preferred destinations due to their reputed educational institutions and global recognition. Over the years, the number of students pursuing higher education abroad has increased, fueled by the growing middle-class population and their aspirations for a better life. The ease of access to information and the availability of scholarships have also contributed to this trend.
Key Details of the Expenditure on Overseas Education
The expenditure on overseas education has been steadily increasing over the years, with a significant surge in the last 5 years. The total expenditure of Tk 110 billion is a testament to the growing demand for international education. Private universities in countries like the United States and Australia have been the most popular destinations, offering a range of programs in fields like business administration, engineering, and computer science. The cost of tuition fees, living expenses, and other related costs have contributed to the significant outflow of funds from the country.
The foreign exchange market has also been impacted by this trend, with a substantial amount of US dollars being spent on overseas education. The Bangladesh Bank has been monitoring the situation, and efforts are being made to promote foreign investment and export-oriented industries to offset the outflow of funds. However, the challenge remains, and the government needs to develop strategies to retain the talented workforce and encourage them to contribute to the country's economic growth.
Impact of the Expenditure on the Economy
The impact of the expenditure on overseas education on the economy is a topic of concern. On one hand, the brain drain phenomenon has been a significant issue, with many talented individuals choosing not to return to Bangladesh after completing their education. This has resulted in a loss of human capital and a shortage of skilled professionals in key sectors. On the other hand, some individuals who return to Bangladesh have been able to make significant contributions to the start-up ecosystem and other industries, bringing with them global expertise and innovative ideas.
The government has been taking initiatives to promote higher education and research in the country, with the aim of reducing the dependence on foreign institutions. The establishment of public-private partnerships and the development of world-class infrastructure are expected to attract more students to pursue higher education in Bangladesh. However, the challenge of competing with international institutions and providing quality education remains, and the government needs to address these issues to stem the flow of students seeking education abroad.
Conclusion
In conclusion, the expenditure of Tk 110 billion on overseas education is a significant trend that has implications for the economy. While the desire for quality education is understandable, the brain drain and the outflow of funds are concerns that need to be addressed. The government and other stakeholders must work together to develop strategies to promote higher education and research in the country, and to encourage talented individuals to contribute to the country's economic growth. By doing so, Bangladesh can reduce its dependence on foreign institutions and develop a skilled workforce that can drive the country's economic development.
Source: Prothom Alo
