Higher education in most parts of the world plays a very significant role in changing life situations and a major driving force to developments all over the globe. The outcomes of higher education are only realized from the students who complete the system and join the rest of the world upon their graduation.

Significant expansions in the education sector have witnessed in high wages, improved income conditions, living standards have changed, and higher wage levels in most parts if the world. With changing economies of the world, the steady impact of education hangs in the balance. This was created and accelerated by the lack of restrictions and unsteady flow of capital both public and private. Ever world changing politics as reported by Reader Supported is the main contributor to the economic crisis in most countries all over the world.

The main impacts caused by these crises on different parts of the world.

1. Impacts of Education Crisis on higher education in China

China comprises of four basic education systems, basic, vocational, higher and adult. Over the years funding has been quite significant, but despite this, the endowment levels have reduced as a result of the economic crisis. It has also affected the market value of most universities leading to collapse in the stock markets. Furthermore, it became challenging for the government to increase tuition fees funding. It also became hard to increase the intakes and lead to low enrollment levels. Finally, the graduates were hardly absorbed into the job market. High levels of unemployment became apparent and due to this, the economy grew at a slow rate.

In order to bridge the gap between demand and supply of graduates in the job markets Chinese government has tried to come up with policies that accelerate the growth of economic developments. This has greatly changed the job structures and employment patterns in the country. As a result, new changes are being realized as positive results in the heart of negative impacts crises being experienced. Impacts in the case have been both positive and negative, but the later rules the game. Due to this, the employment rates in the public sector rose, while in private and foreign-owned companies, it declined drastically. The governments came up with more job positions, while private institutions retrenched the workforce in order to run on the available capital.

2. Impact of Economic Crisis on Higher Education in Hong Kong

Hong Kong is currently reviewing its education system from the British-based system in order to agree with the education system of the region. Despite the financial crisis, Hong Kong has focused on reviewing its education system. However, funding of engineering and sciences over the last decade has proved to be a tall order to the government of Hong Kong due to biting economic crisis. Its government is meeting challenges in financing the universities households. When it comes to student funding, the majority of them have applied for loans and the rate of repaying back is quite discouraging. This is highly attributed to the present economic crisis that may be biting the economy of the country. According to University World News, the economic crisis has changed the education standard both small and large scale.

As a result of biting economic times, Hong Kong is replacing its three-year undergraduate programs with four-year programs to control the rate of graduates to the job market. This means the certain number is to graduate at a given rate in order to accommodate them for the few available jobs.  In Hong Kong Education is a key pillar for economic development. The government has made it the strategic export by investing more on it despite looming economic crises. The frustrated financial funding to higher education will see its education system not meeting the targeted objectives in the coming years. Transition also from the European system to Regions system will be unpredictable if cash becomes the main challenge.

3. Impact of Economic Crisis on Higher Education in New Zealand

Higher Education in New Zealand mainly depends on different sources of income for funding. These sources mainly consist of; International students who normally pay tuition fees in full cost, Government that provides research funds, and tuition fees and the Domestic household fraternity. The crisis has caused the government to shrink its ambitions and focus more on creating awareness on matters relating to localization and sources for more funds. International students have significantly reduced frustrating the source of funds by some percentage.

The enrollment of government sponsored students has reduced significantly more than the agreed number. This is due to reduced incentives from the government due to a financial crisis as a result of the unstable economy. Some of its universities have reduced entry requirements to some courses to limit the number of enrolled students. The government has put in place measures and tightens the regulations to cut the loan amounts awarded to students. All these measures taken are as a result of economic crisis experienced by the country on its higher education system.

4. Impact of Economic Crisis on Higher Education in the Philippines

In the Philippines, public schools take the highest number of institutions. The Budget for higher education has been increasing constantly over the past few years. However, the funding from foreign donors has significantly fallen to zero in 2010. Private institutions heavily rely on tuition funds and other fees. As a result of reduced funding, some institutions differed their maintenance and workshop repairs of training infrastructure and facilities. The number of foreign students also reduced significantly because an economic crisis affects most countries in the world.

There has been a decreased rate of enrollment of students for higher education. This was common in sciences and mathematics and increased rate on IT, Trade, and Business Studies. There is also an increased pattern of students migrating from private to the public education sector.

Conclusion

Thanks to an increase in absorption of internet services in the academic sector, students can access various college paper writing sites to easily get help from professionals in order to ace their papers. The research on the significant impact of the economic crisis has shown that it mostly affects how funding is done in most countries. The amount of money allocated to education sectors has been slowly reducing in response to present economies as at that time. These reflect directly the outcomes and determine the number of government sponsored students absorbed to pursue their higher education.