Fast population decline in Greece. Is it following the Detroit example?
Elstat has published new population estimates for Greece. And what happened to Portugal, Ireland, Estonia, Spain Latvia, Lithuania, Romania or Bulgaria is happening to Greece, too. People are leaving in droves.and the population is declining as far as I know especially the working age population! Aside: don’t tell to me that international European job markets aren’t flexible. They are. Before 2008, a massive influx of foreign workers enabled Spain to have the second highest job growth in an absolute sense of the entire rich world, only next to the (much larger) US. Housing boom related private demand in Spain was of course fickle – but the supply side of the labour market reacted vigorously. No petrification there.
Which is a problem: Detroit went bust because its population dwindled from 1.7 million to 0.7 million – and the city council wasn’t able to cut financial obligations (including pensions) to a level which could be sustained by this much smaller number of people. In may of these countries this process is aggravated by, very low birth rates. in Eastern and Southern Europe total fertility rates of about 1.4 are not uncommon. In Germany, rates since about 1965, the number of 0 to 5 year olds is less than half the number of 50 to 55 year olds… Mind that out-migration is not about wealth – it is only recently that Germany knows net in-migration, again (West-Germany of course knew very large inflows of people in the 1945-1970 and after re-unification). It’s all about jobs.