Experts: job market still good for grads

The University's international students may be the only students who are feeling the effects of an unstable global economy, as some economics experts say the Asian economic crisis has little effect on the domestic job market.

Along with the Dow Jones Industrial Index's enormous plunges, the economies of Japan, Russia and other countries in Southeast Asia have experienced major economic downturns in the past months.

"Clearly, these economic issues affect the foreign students at the University," said associate economics Prof. Linda Tesar. "They may experience a problem in the job market if they wish to return to their home country for work."

E. Han Kim, a professor of finance and international business, said recent college graduates are among the hardest hit during an economic crisis.

"Students at schools in Korea and Japan, for instance, are having an incredibly hard time finding work at companies in their own country," Kim said. This is why many students decide to study abroad in America, hoping to wait out the economic crisis."

Due to the depreciation of the dollar, many international students attending the University will find it hard to afford tuition, said Zahir Ahmed, director of the University's International Center.

"Surprisingly, the University has not yet seen a decline in admission because of the international economy," Ahmed said. "However, this will be an issue for families. Fortunately, banks are now able to offer more loaning options to international students in ways they were not able to before."

Another concern of students is the affect economic instability will have on U.S. college graduates searching for a job.

"There is a possibility that students graduating in the spring will be affected," said economics Prof. Matthew Shapiro. "Many investment firms in the U.S. are getting more conservative in their investment and hiring. There is a definite fear of a more significant drop in the market."

International economic problems may be having a positive effect on the U.S. job market, some experts say.

"The American economy has experienced a boom during this time of Asian and Russian economic slowdown," Kim said. "Prices for Asian exports, in particular, are very low, and this allows the U.S. to buy more cheaply. It also holds down inflation.

"Because of this general economic boom, the job market for American college graduates is also in good standing."

09-16-98