More money for universities?
I refer to the article “S$100m grant to help local universities build research strengths” (Channel NewsAsia, Jan 19).
Spending per university student?
According to the Ministry of Education’s (MOE) Education Digest 2013 – Government recurrent expenditure on education per university student in 2012/2013 was $20,978.
According to the Department of Statistics’ (DOS) Singapore 2005 Statistical Highlights – the above was $13,420 in 1985.
Spending declined by 7% last 27 years?
So, it has increased by about 56% in the last 27 years or so. However, inflationincreased by about 63% from 1985 (CPI 69.3) to 2012 (CPI 113.1).
Does this mean that in real terms, it declined by about 7% over the last 27 years or so?
In this connection, GDP growth was about 457% from 1985 ($54.8 billion) to 2012 ($305.2 billion), or about 6.6% per annum.
Spending was 464% less than GDP growth?
Does this mean that relative to GDP growth, real education spending per university student was about 463% less than GDP growth?
In other words, GDP growth was 6.6% per annum and real education spending growth was about minus 0.25%?
Are there any countries in the world that has such a dismal record of education spending relative to GDP growth?
Uniquely Singapore
Leong Sze Hian
*Leong is the Past President of the Society of Financial Service Professionals, an alumnus of Harvard University, has authored 4 books, quoted over 1500 times in the media , has been host of a money radio show, a daily newspaper column, Wharton Fellow, SEACeM Fellow, columnist for Malaysiakini, executive producer of the movie Ilo Ilo (24 international awards). He has served as Honorary Consul of Jamaica and founding advisor to the Financial Planning Associations of Brunei and Indonesia. He has 3 Masters, 2 Bachelors and 13 professional qualifications.