“Brain drain” now Greece’s biggest export

20 July 2016
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Greece’s first “export” is none other than human resources, or what critics refer to the infamous “brain drain”, results of a study presented by Endeavor Greece appear to show.

The international business-related NGO records what it calls the “added value” and tax revenues generated in their host countries by expatriate Greek professionals, entrepreneurs and skilled workers; people who emigrated from the crisis-swamped country between 2008 and the present.

Based on the cumulative figures presented by Endeavor, Greek “brain drain” generates more than 50 billion euros in host countries by the specific blocc of expatriates — increased GDP, tax revenues and social security contributions, VAT taxes etc.

In terms of a specific value, Endeavor estimates that the human resources figure totals 12.9 billion euros, followed by processed petroleum products (7.2 billion euros), aluminum products (1.3 billion euros), pharmaceuticals (0.7 billion euros) and olive oil (500 million euros).

Of course, in the case of the first “export”, the local economy merely benefits from whatever remittances find their way back to Greece.

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