The Covid-19 pandemic has brought the global economy to a halt.

Even back in late January, Minister for Trade and Industry (MTI) Chan Chun Sing warned that the virus would take a significant toll on the local economy.

While it has been forewarned, the fight has certainly dragged out for much longer than initially expected -- possibly longer than the 2003 SARS pandemic.

In the United States (U.S.), job losses are at a historic high, with more than 22 million people filing for unemployment aid within a month, reported The Washington Post on April 17.

Unemployment numbers have never been as high since the Great Depression, close to a century ago.

In Singapore, while measures have been put in place to minimise the loss of income for many Singaporeans, job opportunities in several industries at this point are scarce.

Aviation, retail and F&B businesses have been hit terribly, with some businesses forced to shut down completely.

Many companies have reduced their headcount and hiring capacities to cut back on costs as part of their business continuity plans.

The current state of the economy is a nightmare for most fresh graduates, with job opportunities drying up, leaving them with slim pickings at best, and an uncertain future for a large portion of the graduating cohort.

Furthering studies?

Some may consider furthering their studies during this period. It’s definitely a pretty good way to bide for time while waiting for the recession to blow over.

Higher education is expensive, costing tens to hundreds of thousands for a full bachelor’s degree.

However, it is also a long-term personal investment, to acquire a new skillset during this uncertain period, and turning a challenging period into an opportunity.

Mitch Weisburgh, vice president of Academic Business Advisors, a consulting firm specialising in the higher-education market, shared that higher- and continuing-education enrollments generally skyrocket during a sagging economy.

“When people get laid off, the first thing they think about is acquiring additional skills, and the first place they want to go is back to school,” he said.

“For many people, the current climate presents them with no options but to figure out what’s next,expand their horizons and start over on something entirely new.”

Whether one is left without a job or unable to find one during this recession, the economic downturn presents an opportunity for people to sit down and rethink their career paths, before moving forward.

James Cook University offers S$10,000 grant for students to further studies

For those who are keen on furthering their studies during this period of uncertainty but face some financial difficulty, the Singapore campus of James Cook University (JCU) has launched a Higher Education Access scheme to improve access to higher education for Singapore residents.

With this scheme, all Singapore residents with a qualification equivalent to a polytechnic diploma or GCE A-Levels will receive a grant of $10,000 each for their undergraduate programme at the Singapore campus of JCU for the intake commencing in July 2020.

It is an unprecedented move by the University in light of the Covid-19 crisis, as a small gesture to help students, said Professor Abhishek Singh Bhati, JCU’s Singapore Campus Dean and Head of Learning Teaching and Student Engagement.

JCU offers a suite of university-level programs, covering areas such as Business, Information Technology, Psychology, Education, Accounting, Arts, Aquaculture, Environmental Science, Games Design, Tourism and Hospitality.

Following a trimester programme, JCU’s bachelor degrees can be completed within two years, allowing for the student to enter the workforce earlier.

JCU’s Inter-Campus Mobility Program also gives students the opportunity to study in both Singapore and Australia while remaining as a Singapore-based student and pay in Singapore currency.

With this in mind, for those facing difficulty finding a job in this economic downturn, they could consider furthering their studies with JCU, and emerge from this crisis with better prospects than before.

To find out more about JCU’s S$10,000 grant and what their courses entail, click here.

Top image via Getty Images

This sponsored article by James Cook University makes this writer wish she was back in school again.