On Saturday, June 6, one of Greece’s leading policy experts will deliver a major public lecture in Sydney examining the economic and social realities shaping contemporary Greece, as part of celebrations marking 100 years of the Consulate General of Greece in Sydney.
Fay Makantasi, Research Director at diaNEOsis, will speak at The Brighton in Brighton-Le-Sands, Sydney, delivering an in-depth analysis of Greece’s economic and social landscape specifically tailored to the interests of the Greek Australian community.
The lecture forms part of a broader series of cultural, academic and artistic events commemorating the centenary of the Consulate General of Greece in Sydney, which was established on May 20, 1926, when the first Consul General, Leonidas Chrysanthopoulos, arrived in Sydney.
Dr Makantasi’s presentation will focus on key developments shaping modern Greece, including the country’s fiscal recovery following the financial crisis, state modernisation, emerging investment opportunities, demographic decline and housing affordability.
The event will be emceed by Paul Nicolaou, Executive Director of Business Sydney.
Ahead of the lecture, Dr Makantasi told The Greek Herald that Greece’s economic recovery, while genuine, conceals deeper structural problems that could significantly shape the country’s future.
“Greece’s recovery is real but fragile and it masks a deeper structural crisis that threatens the country’s future: demographic collapse,” she said.
“On the economic front, the picture is mixed. Unemployment has fallen substantially and is approaching pre-crisis levels — that’s genuinely encouraging. But the economy has hit a ceiling. Greece’s productive capacity was permanently damaged by the crisis. Further growth requires new technology, human capital, and efficiency gains.”
She warned that Greece is now losing the very workforce needed to sustain long-term growth and competitiveness.
“The problem is that Greece is losing precisely the human capital it needs. Since 2011, Greece’s population has been shrinking for the first time since World War II. By 2050, projections show the population will fall to between 8.3 and 10 million — a loss of 21–36% of the economically active workforce,” she said.
“The aging index is accelerating: in 1951, there were four young people for every elderly person; by 2050, there will be fewer than one young person for every elderly person.”
Dr Makantasi described Greece’s fertility crisis as “extreme,” noting that no region in the country currently sits above the population replacement level.
“Greece has one of the lowest birth rates in Europe — no region in Greece is above the replacement level of 2.1 children per woman. 25 of Greece’s 52 regions are in ‘extreme low fertility’ (below 1.3). Greek women are having their first child at age 31 and nearly one in four births occurs to women over 40,” she said.
“But here’s the critical link: demographic decline directly undermines productivity and competitiveness. A shrinking, aging workforce means fewer workers per retiree, lower innovation rates, and reduced dynamism in the economy.”
She said Greece’s housing crisis has become one of the most pressing social challenges facing younger generations.
“Greeks spend 35.5% of their disposable income on housing — the highest share in the entire EU, nearly double the European average of 19.2%,” she said.
“The groups hit hardest are young people aged 18–29, single-parent families, and renters — precisely the demographics that Greece needs to retain if it wants to reverse its demographic decline.”
Dr Makantasi argued the housing crisis was not inevitable, but rather the result of multiple economic and policy pressures following the financial crisis.
“The housing crisis was not inevitable. It is the result of a perfect storm: the construction sector collapsed during the financial crisis, wiping out roughly €18 billion in residential investment between 2008 and 2015. When the economy recovered, supply could not keep up with demand,” she said.
“At the same time, the explosion of short-term rentals through platforms like Airbnb, strong foreign investment, and the Golden Visa programme redirected housing stock away from residents and toward investors. Prices have been rising far faster than wages ever since.”
She warned the long-term consequences could reshape Greek society.
“If left unaddressed, Greece risks a two-tier society: property owners (mostly the elderly) and foreign investors benefiting from rising asset values, while younger generations and lower-income households are effectively priced out of stable housing, and out of the country altogether, deepening the brain drain,” she said.
Despite these challenges, Dr Makantasi believes Greece remains positioned for substantial future growth in several sectors.
“Greece is at a critical juncture where several sectors present exceptional opportunities for diaspora and international investors,” she said.
Among the areas she identified were renewable energy and green transition projects, digital innovation and fintech, sustainable tourism, agri-tech and food production, creative industries and film production, real estate and urban regeneration, as well as healthcare and biotechnology.
She also stressed the importance of viewing the Greek diaspora not simply as a source of remittances, but as a strategic global network capable of strengthening Greece economically and socially.
“The Greek diaspora should not be viewed primarily as a source of remittances, but as a source of knowledge, talent, networks, and international connections,” Dr Makantasi said.
“Research by diaNEOsis shows that many highly skilled Greeks abroad are willing to contribute to Greece through investment, innovation, academic collaboration, mentoring, and professional networks.”
She said the challenge for Greece now is creating stronger and more meaningful channels of engagement with Greeks living overseas.
“The challenge for Greece is not simply to encourage return migration, but to build lasting channels of engagement that allow Greeks abroad to remain connected and contribute wherever they are,” she said.
“In this respect, the Greek Australian community is a unique bridge between our two countries and a valuable partner in Greece’s economic and social development.”
Dr Makantasi said the Consulate General’s centenary celebrations reflect the enduring relationship between Greece and one of its strongest diaspora communities.
“This centenary is much more than a diplomatic milestone and deserves congratulations to the Consulate General and its staff,” she said.
“It is a celebration of a century-long relationship between Greece and one of its most successful diaspora communities. It reminds us that Greek identity today is not confined by geography.”
She added that the relationship between Greece and its diaspora has evolved significantly in recent years.
“In the past, the relationship was often framed around return migration and emotional attachment to the homeland. Today, the relationship has become more dynamic and multidimensional,” she said.
“While cultural identity remains central, there is now greater emphasis on collaboration in education, business, research, and public policy. Digital technologies and increased mobility have also made engagement with Greece more direct and continuous than ever before.”
Ultimately, she believes Greece’s future will depend heavily on how effectively it engages with Greeks around the world.
“The Greek Australian community is a powerful example of how strong diaspora networks can contribute to prosperity, innovation, and opportunity for future generations,” Dr Makantasi said.
Event Details:
- What: Public lecture by Dr Fay Makantasi — “Economic and Social Aspects of Contemporary Greece”
- When: Saturday, June 6, 2026
- Time: 3pm
- Where: The Brighton, 2 Princess Street, Brighton-Le-Sands
- Cost: Free admission
- RSVP: https://bit.ly/4x878hr
