The Impact of University Education on Economic growth in Sri Lanka

Abstract

Universities are considered as one of the world's most powerful economic engines, and educational administration has become one of the fastest-growing industries in Sri Lanka. Universities require individuals to be economically productive, and as research and technology are important to economic growth, universities become their backbones. The major purpose of the study was to determine the contribution of universities and university students towards the social, cultural, and economic growth of Sri Lanka. This was a qualitative study to gather the representative's written and spoken opinions. It depicted how the universities contribute to the economy of Sri Lanka and its stakeholders, as well as the impact of university students on the social and cultural framework. The selected eighteen specialist experts, public organisations, and commercial enterprises that provide services to university students made as to the sample group. Semi-structured interviews were carried with representatives of public sector organisations, entrepreneurs, and economic groups. The researcher analysed and coded the data, establishing themes, organising and coding themes, describing and interpreting the outcomes. The outcomes demonstrated that social academics do not have a negative impact on the country's social perspectives. The contribution of university students to the economy was estimated to be approximately 28%. The current study found that universities helped the economic growth since their inception, notably in key areas such as transportation, markets, restaurants, lodging, hairdressers, communication, and tradesmen. Investments towards universities, according to the participants, were also important. Human resources were heavily reliant on education, and all educational expenditures were considered as investments, and it suggested that in service training for qualification enhancement should be expanded.