March 20, 2017 12:13
Koreans spent less on tuition overseas last year than at any time in the past 11 years amid a weak won and an ongoing recession.
The Bank of Korea on Friday said Koreans paid US$3.52 billion for tuition overseas last year, down from $3.74 billion in 2015.
Overseas tuition spending peaked at $5.03 billion in 2007, just before the global financial crisis, and the amount has declined gradually since then, plunging below $4 billion in 2014.
But the education account deficit remains high. Foreigners spent a mere $123 million on studying in Korea, resulting in a $3.4 billion deficit.
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