News about Asia in the past couple of years has been overshadowed by the ill effects of the financial turmoil that began on July 2,1997. The sudden devaluation of the Thai baht, caused by the discovery of bad bank loans and exhausted foreign reserves in Thailand, had catastrophic effects all over southeastern Asia. Now, some two-and-a-half years later, these countries are rebuilding. Stock markets are rising and currencies are getting stronger. The financial system is recovering. The educational system has been more seriously damaged, some say.
Many countries are still facing major economic funding problems. The financial crisis may be fading into memories but the effects remain. Rebuilding will take major restructuring in some cases. The ever-present problem of intellectual flight is also curbing the ability of these countries to bounce back. The temptation for people to leave their native countries and study in the West is great, the incentives and rewards are many. Only by developing their colleges and universities into ones that can rival those in the West can Southeast Asia hope to keep its youth, and its future, at home.
South Korea
South Korea has taken considerable steps towards the development of its educational system. The country once known as Southeast Asia's "knowledge economy" is working on a large-scale effort called, "Brain Korea 21." The goal is to make South Korea's 83 universities among the best in the world by the year 2005. The steps taken towards this goal are major. Money has been allotted to bring in as many as 140 science lecturers from the world's renowned universities each year. Admissions numbers are being cut and admission requirements are going to be similar to those of other top universities. Catering to the needs of foreign students is also part of the plan. While concerned about the loss of talent as South Korean youth leave to study abroad, the country recognizes the value of universities that have students from all over the world.
Malaysia
Malaysia had been on a fast track of growth, with a plan to reshape the country into a developed nation by the year 2020. The financial crisis of 1997 basically halted all work towards this plan. Now Malaysia is again struggling to keep its young talent from leaving the country to study abroad. Hoping to get back on track with its Vision 2020, Malaysia is hard at work on its Multimedia Super Corridor. This area, dedicated to the information technology industry, is essential to the country's rebuilding. Educators in the forward-looking country are optimistic.
Singapore
Singapore has always been especially dependent on its educational system. Lacking material resources, the country values intellectual capital highly. The government has not faltered in keeping its two universities strong, even as Singaporeans were forced to take a 10 percent pay cut to offset the economic crisis. Like South Korea, Singapore looks to the world's top institutions as models. Joint efforts with top American universities have been a major part of Singapore's educational plan, especially since 1997.
Indonesia
Indonesia seems to have the most challenges facing its educational growth. Money is simply too scarce a resource for those in the educational field. Many university professors and lecturers would do better financially to turn in their degrees and work in high-priced downtown hotels. Certainly, Indonesia has made great strides in education since its independence only 55 years ago. At that time, there were only a few small colleges available to Indonesians. Today there are over a thousand. A major problem today is that many Indonesians cannot afford higher education.
The problems facing these nations of Southeast Asia differ, but the goal is same throughout the region. Education and the nurturing of intellectual capital are the keys to the development of the region. It is through its educational systems that Southeast Asia will thrive. Lim Pin, vice chancellor of the National University of Singapore, sums up the situation well: "I think the region has moved out of the pit, no question. The question now is how fast countries can get back to the starting point, and how well they can begin to move again from there."
