South Korea's Graduate Glut

South Korea is beginning to wrestle with the unappetizing fact that too many of its young are in college. Despite the very real success of its economy, the country can’t manufacture enough jobs for its graduates – of which it produces a lot. Singapore, Taiwan and other Asian countries to some extent face the same glut. However, South Korea seems in a class by itself. Some 86 percent of all high school graduates go on to college, and most expect to graduate with a degree. About 3.3 million students are enrolled in 347 universities – by one calculation one of every 14 South Koreans is a university student. A full 80 percent of parents fully expect their children to graduate with a degree. According to a study by the Samsung Economic Research Institute, the number of students in college is actually lowering gross domestic product by a full percentage point.

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