The relocation of human capital has “bleeding” dimensions for Greece, a country that is steadily losing its “creme de la creme”, journalists Flavia Krause-Jackson and Jordan Yadoo refer in their article entitled “Greece Is Hemorrhaging Its Most Talented Workers” recently published in Bloomberg news agency.
“Brain drain,” a popular term adopted in the 1960s in Britain for the hordes of scientists who were leaving the country for North America, has serious consequences for the economy.
Losing its most talented employees a country has less tax revenues because of the fact that the competent professionals earn more money from their jobs and thus contribute more to their country’s economy. Furthermore, this way a country loses potential future entrepreneurs.
From 2009 to 2014, the number of qualified people who sought permanent jobs abroad was 20,281 people according to Eurostat, while in early 2000, the corresponding figures were 2,552 people.
According to Bloomberg, one should not be deceived by German figures being higher than Greece’s, as Germany has eight times the population of tiny Greece and the number of talented people leaving this developed country is the same with the number of people arriving to seek a job in it.
Greece cannot afford to lose more smart people because it could be more difficult to bounce back and repay its lenders, emphasizes Bloomberg. But who can blame the talented young people who want to flee when faced with an unemployment rate that surpasses even that of Libya, the journalists are wondering in their article.