The work in US and Canada, global economic powerhouses, are in a recession. The effect of economic downturn in U.S. is felt more severely than in Canada. As a result, Indian and international students studying in U.S. and Canada are finding it difficult to get part-time work opportunities.
Studying abroad without part-time work can upset the plans and calculations, it is not a small matter.
So, let’s understand the reason why economies of these North American neighbours have been entwined, and what are the likely future scenarios.
By definition, recession is a slowdown of economic output for two consecutive quarters. Many factors could cause it, and we are not going to take a class in macro and micro economics here. Basically, business is slow and people aren’t buying things. And that directly affects employment.
COVID pandemic is the biggest reason for this economic slumber; even Europe could be or may already be in grips of recession. Some countries were more insulated than others from the post-pandemic economic challenges. Evidently, U.S. and Canada were not.
Then there are some geo-political reasons, some internal politics and some policy-making issues that could have led to the recession that’s affecting international and Indian students studying in U.S. & Canada.
Admittedly, these reasons and causes are over-simplified; but now that we know about them let’s move on to the more important part – the effects of recession on Indian students studying in U.S. & Canada, and why they should not be overly bothered.
- Little or no part-time work: Employment bears a heavy brunt during recession. And the locals are preferred for any available work opportunities – it’s understandable. So, what could be the solution? Be innovative, connect with resident Indian families living close by. Do they have young kids? Do they need tuitions? Or can you apply your mind finding other such out-of-the box and manageable part-time work? Go, scout for it.
- Financial planning: First thing to go for a toss is the calculation of expenses which was made based on potential income from part-time work. Students will have to figure out how to cope up with expenses in a work-less scenario. Spend less on eating out, put the next iPhone purchase or other shopping items on a hold, talk to your parents about lack of part-time jobs and the shortage of funds.
- Quality of education: Recession or no recession, quality of study in the U.S. and Canada will remain unaffected. You will continue to receive the same top-class education that these countries are known for. Bright students will get their coveted Masters and PhD program degrees.It would not be out of place to point out an important fact that genuine students, who have immigrated to study in the U.S. and Canada for sole purpose of receiving quality education, may face some temporary financial problems. Unlike some students who, in the guise of education, immigrate to these countries in order to get unskilled and part time jobs. They would be ones worst effected by recession.
- Things always change: History has proven time and again that strong economies bounce back, despite the temporary economic lull. The foundation of U.S. and Canadian economy is strong. Their economies will spring into action. Some very powerful people are doing something very intelligent to bring things back on track while we read this. These North American countries are global superpowers for obvious reasons.
There you have it. The pros & cons and the perspectives of studying in the U.S. and Canada for next year or two.
At the cost of being repetitive, we would like to point out – yet again – that students who genuinely want to ace in their academics need not fret. Go, study in the U.S. or Canada.