The Economic Impact of Globalized Education in Nepal

Abstract

The global trends in higher education highlight the growing popularity of international education shift towards innovation and better productivity that demand updated and high-quality human resources. And on the supply side, it creates pressure on families to send their children to educational institutions not only within the country but also abroad. In the context of Nepal, the trend of opening higher education institutions and students going abroad for study accelerated after 1990. Students enrolled in the country and abroad are establishing networks to work through the exchange of ideas and products in the global market. In this paper, I present the primary findings from my research on the economic impact of globalization on education in Nepal by using the supply side human resource data of student enrollment in higher education in the country and Nepali students abroad, and its impact on trade, migration, foreign direct investment and remittance to the national economy of Nepal. For this study, 20 years of secondary data of above mentioned variables have been analyzed with the help of the econometric method of causal relations. Results show a positive impact of globalization on the economy of Nepal. The findings will be useful for making policy recommendations to developing countries like Nepal to enhance education by grasping the opportunities globalization offers.