Analysing the impact of Globalisation in Higher Education on Economic Growth: A comparative analysis of Developed and Developing Countries

Abstract The study carries out analysis of higher education sector, in which globalization and economic growth are considered, taking both developing and developed nations as the main comparison object. Dynamics in higher education sector have been altered persistently by the recent pandemic, which has sharply confined students' mobility globally and on the other hand has stimulated the development of different options, which consists of massive open online courses (MOOCs), program mobility, and institutional mobility. In this paper we will try to evaluate effects of such modifications on the economic development of several developing and developed countries. To this end, the existence of a cross-sectional panel data set featured by 30 participating countries taking the period from 2010 to 2022 allows us to explore the centrality of inbound and outbound mobility rates measuring the level of globalization with respect to higher education. Data analysis is conducted by the study using feasible generalized least squares regression model, which is applicable to Cross-section time series data. This minimizes potential problems like heteroskedasticity, autocorrelation, and independence of cross-sectional data. Our findings indicate that the existence of globalization in higher education is a root of the complex impact on economic growth. The research underline the dichotomy of developed and developing countries, which implied the differentiation in economic advantages. While everybody expected that globalization in higher education would help the disadvantageous countries, recent research argued that globalization in high education sector rather benefits to the developed countries. The outcomes of the study indeed highlight that the connection between higher education and economic advancement takes an important place within the roles that higher education play in globalization. Moreover, the policy makers and educational institutions will have a chance of getting the findings at their disposal.