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NEWS

Brain drain cost Italy 160 billion euros over 15 years

Rome, Jun 16 (Prensa Latina) The value of the human capital that emigrated from Italy in the last 15 years is estimated at approximately 160 billion euros, with a significant impact on the nation's Gross Domestic Product (GDP), according to a report released today.

A report by the Bank of Italy, published on the website of the magazine Collettiva, indicates that some 25,000 university graduates leave the country each year, of whom only about 4,000 return. Their percentage of total emigrants has increased from 18% in 2012 to 26% today.

This analysis, which also includes data from the National Institute of Statistics (Istat), points out that low wages and a lack of job opportunities are among the causes of this problem, according to the news outlet, the official publication of the Italian General Confederation of Labour (CGIL).

Furthermore, Istat points out that Italy also faces a shortage of graduates, as only 31.6% of the 25-34 age group has completed a university degree, compared to an average of 44.1% in the European Union.

Academic training remains the best way to access the Italian labor market, with the employment rate for those with a university degree reaching 85.3%, compared to 74.6% for high school graduates and 56.1% for those with a junior high school diploma.

The survey revealed that for 81.7% of young people surveyed, the reason for emigrating is the complete lack of job opportunities that match their qualifications, while for 73.7%, salary is the main reason.

The study revealed that the preferred destinations for these emigrants are the United Kingdom, Germany, Switzerland, and France—countries that benefit from the skills acquired at Italian universities, the source added.

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