Greece is projected to experience a significant demographic contraction, with its population expected to decrease by nearly 25% by 2070. This projection was among the pressing national issues highlighted during the 10th Delphi Economic Forum, held April 9–12, where policymakers, economists, and leaders from around the world convened to discuss a wide range of challenges shaping the future—from geopolitical shifts and climate resilience to technology, labor, and demographic change.
According to Eirini Andriopoulou, head of the EU Commission’s unit for Employment and Social Affairs, Greece’s population declined by 6% over the last decade, while the population aged over 65 increased by 10% and those over 80 by 24%. She warned that reversing reforms that secure the sustainability of the pension system would threaten its viability in the years ahead.
Former Deputy Minister for Social Insurance Panos Tsakloglou emphasized the long-term risks as well. He noted that if younger generations choose not to have children, “future pensions could be zero.” He further pointed out that Greece’s pension system was a key contributor to its past financial collapse, long before the demographic issue became widely recognized. He added that many EU countries are facing similar challenges and have responded with policy shifts ranging from discouraging early retirement to adopting capital-funded pension models.
Filippa Michali, CEO of NN Hellas, underlined that the challenge extends beyond demographic numbers to quality of life. “The issue,” she stated, “is not only that people will live longer in the future, but what kind of life they will be able to live.” Citing recent studies, she noted that most older citizens now envision retirement as an active phase of life—traveling, remaining engaged, and needing more financial resources to support that lifestyle. She also called for the revival of a savings culture from a young age in Greece, supported by tax incentives and modern insurance products tailored to evolving needs.
Chief Economist of Alpha Bank, Panayotis Kapopoulos, emphasized the need for structural labor reform. He pointed out that Greece’s employment rate is significantly lower than the EU average, despite Greeks working more hours than other Europeans—a gap that must be addressed. He also stressed the importance of lowering non-wage labor costs and tackling undeclared work.
Law professor Patrina Paparrigopoulou of the National and Kapodistrian University of Athens underscored the need for a fairer and more flexible Greek pension system. She warned that the current model may not guarantee fairness across generations and called for reforms that encourage both public and private responsibility to ensure long-term viability.
Cover Photo Credit / ERT
