October 15, 2019

Chart of the Week: Greek brain drain and education – optimistic prospects

by Fathom Consulting.

The Greek government has announced plans to give €2,000 for every child born in Greece, to curb a plunging birth rate and improve the supply side of the economy over the medium term. The recent crisis led to a national brain drain which affected the economy by reducing the working-age population by 7%. However, the economy’s revival has slowed the rate of emigration, with fewer people leaving as domestic employment recovers. As well as aiming to increase the size of the workforce, the government is aiming to make better use of its existing pool of labour. Greece has a well-educated workforce (87.7% of 25–34-year-olds have achieved a minimum of upper secondary education) and a relatively low minimum wage (€758 per month). If this government succeeds where its predecessor fails, then it could unlock a new sustained source of growth.

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