Study Abroad Spending Falls in first half of 2008
In the first half of 2008, Korean expenditures on education and language training abroad fell by the biggest margin since the 1997 financial crisis. According to a Bank of Korea report on the balance of international payments released Sunday, Koreans spent US$2.256 billion on overseas training in the first half of 2008, down 5.8 percent, or $138 million year on year.
According to an article in the Chosun Ilbo, the falling figures are due primarily to worsening financial conditions, including a weaker local currency and a slowing economy, although some attribute this phenomenon to Koreans’ reduced preference for overseas studying and language training. Some analysts have suggested that the phenomenon of sending children overseas at younger and younger ages has peaked. For further detail, read the full article.