Oxford University worth £7.1 billion to world’s economy

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Oxford University worth £7.1 billion to world’s economy

The university contribute to jobs, entice investment and conduct top-tier research that have a positive impact to the society of Oxfordshire and the UK.

Oxford University has been found to make a significant influence on the global economy, generating £7.1 billion for the global economy annually, according to the new economic analysis. In addition, the institution’s innovative and entrepreneurial discourse has demonstrated to provide over 50,000 jobs across the UK.

According to the assessment done by leading economic analysts, Biggar Economics on the impact of the university’s internationally prominent research, teaching and enterprise revealed the major contribution made by the university to the economy worldwide. In 2014/15, Oxford had a worldwide gross value added (GVA) of £7.1 billion, with £5.8 billion of that going to the UK. The contribution to Oxfordshire’s knowledge-based economy was £2.3 billion. For every pound of income earned, Oxford returns £3.30 to the wider national economy.

This report serves to demonstrate Oxford University as a significant driving force towards the British economy and having a compelling international presence. The university contribute to jobs, entice investment and conduct top-tier research that have a positive impact to the society of Oxfordshire and the UK.

In addition, Oxford produces highly-skilled graduates, allowing them to make greater contribution to employers and the nation as a whole. According to the measurement on Oxford’s class of 2015 by analysts revealed that they will be worth an addition £431 million annually to UK throughout the course of their career. In addition, the university has a knock-on benefit for the nation’s labour market, as it supports 50,600 jobs, many of whom receive remunerative income.

Source: Oxford

The narrative acts as evidence on a university’s significant impact on the global economy. Therefore, it is critical to identify the Changes in University/Industry interaction so that graduates are equipped with the skills and knowledge demanded by the employment market.

Be a part of the QS WorldClass 2018 seminar this April 2018, as we gather higher education professionals and top industry partners in Abu Dhabi to examine the topic on “Changes in University/Industry interaction”.