More than 350,000 Greeks have left their homeland over the past decade as a result of the crisis. From 2007 to 2017, the percentage of Greeks living in other EU countries rose from 4.7 to 6 percent. About 50 per cent of them are under 30 years old, while 70 per cent are highly educated. Most of them have relocated to Germany and the UK, but also the Netherlands, Sweden and, of course, Australia. With Greece now out of the bailout program, and international financial analysts forecasting a growth rate of 2 per cent, one question arises: Will this be enough to turn the tide? Will the Greek economy’s return to growth make the economic migrants return?
In an article published in Kathimerini, Effie Kyrtata, CEO of Reload Greece – a London-based organisation that promotes young Greek entrepreneurs – and Dr George Houpis, Director of Frontier Economics, argue that this might be the wrong question.
Instead, these expatriates should be seen as creators of change, with their ventures being instrumental in reversing the trend and helping the country get back on track.
When the crisis hit Greece, the country’s GDP stood at 85 per cent of the EU average. In the decade that followed, this dropped to 56 per cent. Even if the growth rate predictions prove to be true, it will take a very long time for the country’s GDP per capita and wages to get aligned with the European average.
This is a challenge that can be overcome, if the entrepreneurs from the diaspora create opportunities in Greece and set up partnerships with the local businesses.
“The new diaspora wave can build bridges of collaboration,” the writers of the article argue, presenting the Reload Greece experience as an example. The charity claims to have worked with more than 100 businesses and entrepreneurial groups, through their programs, linking young talent with 200 mentors from around the world.
One hopeful sign, according to Reload Greece, is that these young entrepreneurs are very interested in linking their business activities to Greece. This has resulted to companies operating in two countries, such as London-based Raincheck, a platform for athletes looking to connect with tournaments around the world, whose tech development team is based in Thessaloniki.
“One important development has been the activation of Equifund – a vehicle set up by the European Investment Fund to support start ups in Greece,” explain the authors, referring to the pool of 500 million euros that Equifund distributes to tech companies associated to Greek ventures.
“We should not focus on how those who migrated can return to Greece. It is equally important to create an open platform of synergies. If such a platfom is used appropriately, the Diaspora can effectively contribute to the strengthening of the Greek economy from any part of the world,” claim the Reload Greece representatives.