Waiting for the brain regain
The phenomenon of brain drain in previous years is yet to be fully reversed, data reveal
The return of Greeks who left for abroad is one of the biggest challenges for the next four years, as the better prospects that the Greek economy shows today compared to the previous decade are creating the conditions to limit the phenomenon of human capital leakage from the country, commonly known as the brain drain. However, the evidence shows that the expected brain gain is still slow.
The net migration outflow of people with Greek citizenship that peaked during the years of the great recession in Greece and remained high during the years of the great stagnation, although declining, has not yet managed to achieve a positive trajectory.
As pointed out in a recent Eurobank study, in 2021, although the economy recovered sharply from the recession caused by the pandemic, the net migration flow remained negative (outflow), a result that shows there are still structural features in the Greek economy that prevent the reversal of the phenomenon.
Economists meaningfully point out that the real indicator of economic recovery for a country is the creation of a return stream of those who left – and there were plenty. According to Eurostat data, from 2010 to 2021 the outflow of human capital came to 592,200 people. At the same time, the incoming migration of Greeks numbered 342,900 people, meaning a net outflow of 249,300 people.
Of course the net immigration outflow of people with Greek citizenship is now gradually decreasing. From 39,100 people in 2012, it declined to just 5,900 people in 2021.
As Eurobank’s financial analysts point out, the more the prospects for the Greek economy improve, with less uncertainty and unemployment, the more conditions are created for increased investment and the securing of more and better-paid jobs, and the greater the possibility of the net immigration outflow of the last 12 years turning into an inflow, with beneficial effects for the economy and society as a whole. However, the brain drain reflects the broader productive and structural weaknesses of the economy and society.
