World Economy

Greek ‘Brain Drain’ Hurts Economy

Greek ‘Brain Drain’ Hurts EconomyGreek ‘Brain Drain’ Hurts Economy

With Greece’s creditors expected to arrive in Athens this week to assess its progress on economic reforms, another looming crisis could seriously harm Greece long-term, NewsNow reported. The Greek “brain drain” is leaving the country short of highly skilled technical experts. An estimated 200,000 qualified professionals have left Greece in the past two years to try their chances elsewhere, a 300% increase versus pre-crisis times, according to a study by Endeavor, a non-profit organization that supports entrepreneurial efforts. That comes on top of the 350,000 Greeks who emigrated between 2010, when the crisis began, and 2013, according to official data. Almost 270,000 of them were young people aged between 20 and 39. With the government in Athens attempting to reform the pensions system, largely through a steep increase in social security contributions, the loss of talent is only likely to increase.