The discouraging demographic trends in Greece have been a well-documented and highly concerning reality. During the 9th Delphi Economic Forum (DEF), a presentation titled “The Demographic Crisis and Greek Development” outlined some key points and challenges.
As the presentation notes, Greece faces declining fertility rates, an aging population due to increased life expectancy and a shrinking workforce, which are not new phenomena but have been ongoing for decades and are expected to intensify in the current and future decades.
Meanwhile, Elon Musk, CEO of Tesla and one of the wealthiest and most influential individuals in the world, posted on his X (formerly Twitter) account on Monday that “Greece is one of the dozens of countries experiencing population collapse due to low birth rates”.
Musk also reposted a post stating that Greece will be the first country to experience “population collapse”, as sudden and unexpected deaths continue to rise while births fall lower than all predictions.
Greece is one of dozens of countries experiencing population collapse due to low birth rates https://t.co/2qFA087SLJ
— Elon Musk (@elonmusk) April 15, 2024
As the “The Demographic Crisis and Greek Development” presentation underscores, projections for 2050 paint a bleak picture for Greece with an aging population, shrinking workforce, and low annual growth rates, potentially below 1%.
Despite the discouraging trend, the authors stress that opportunities are emerging amidst this crisis within the ongoing Fourth Industrial Revolution and the restructuring of globalization and European integration, particularly through “friendshoring” (the act of manufacturing and sourcing from countries that are geopolitics allies).
Despite workforce shrinkage in the EU, employment rates increased, driven by higher employment among women, youth, and older individuals, along with advancements in high-skilled jobs due to technological innovation.
The key points emphasize the urgency for Greece to address its demographic crisis, enhance domestic production competitiveness, and leverage human capital to secure sustainable economic development amidst challenging global dynamics.
The report also touches upon various economic aspects, including productivity, industrial policy, international trade, and technological advancements. Here’s a summary of the main points:
The text emphasizes the importance of addressing productivity disparities, investing in high-value sectors, participating in global value chains, and implementing effective industrial policies and infrastructure improvements to drive economic growth and productivity enhancement in Greece.
