In the aftermath of the debt crisis, Greece suffered not merely an economic collapse, but a total haemorrhage of our best and brightest talent. Between 2008 and 2017, an estimated 5.9% to 8% of Greek university graduates left the country in search of better opportunities and a renewed sense of confidence away from the chaos of the Syriza government. With unemployment hitting historic highs during the crisis, 9 out of 10 young people left for financial reasons.
Worryingly too, the occupations of those young Greeks leaving our country in this period were vital to our economic prosperity and future: professionals IT, finance and banking, energy, science and research, education and health all left in their droves.
Yet, new figures released recently suggest this trend is reversing, thanks in part to Greece’s newly found sense of itself on the economic stage. Signs increasingly point to a meaningful brain gain emerging in our country - driven by renewed confidence in the economy, stronger labour demand, and changing priorities among expatriates.
According to ELSTAT2023, in 2023 (the most recent year where data is available) Greece saw 118,816 migrants entering the country, up sharply from 96,662 in 2022 – with total net migration reaching 42,658 persons. To put this in context, this is the highest level of migration inflow seen since 2016.
What is the driving factor behind this phenomenon of the brain drain subsiding?
Of course, raw migration numbers include a mix of economic migrants, refugees, returnees, and other inflows. But skilled Greeks returning is supported by more targeted survey findings. Recent research by Jobseeker estimates that Greece has welcomed back about 350,000 compatriots in recent years. Among those who have already returned, 79% cited improved institutional functioning as a motivator. These personal and structural motives suggest that return migration is not merely about nostalgia or good weather- it is also about opportunity.
The remarkable turnaround in the Greek economy since 2019 has been a source of pride for Greeks around the world – and these new migration figures reflect this. Greece’s economic environment is becoming an example for our European neighbours – many of which have seen our Greek brothers and sisters move to in recent years. Growth is expected to reach a healthy 2.1% in 2027 and new measures such as a 1.6-billion-euro tax cuts announced last month are expected to lead to higher-than-forecast growth next year and the year after.
Indeed, in a recent speech alongside our Prime Minister Kyriakos Mitsotakis, SEV (the Hellenic Federation of Enterprises) President Spyros Theodoropoulos praised the country's economic progress in recent years, with growth above the European average, reduced unemployment and the value of our goods exports reaching €50bn in 2024 – as well as our growing innovation ecosystem with 3,000 startups being established.
At a moment when Europe confronts demographic decline, growing global uncertainty and aging populations, the return of energetic, skilled individuals to Greece offers hope. If sustained across the next decade, it could ensure the injection of young people into our economy, encourage entrepreneurship, and rebalance investment migration patterns
As Theodoropoulos added in his speech, to make the reversal stick, we need to capitalise on these figures and ensure they do not become an aberration. Our productivity is still 54% of the EU average and our adoption of AI-enabled public services needs accelerating. The leadership of the New Democracy has made Greece what Theodoropoulos calls “a normal country” after the disasters of Syriza. Now is the time to make us a more “productive” one with a clear “path to better jobs, higher wages and stronger social protection.”
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