“More than half of today’s children are expected to live to 100,” stated Kyriakos Pierrakakis, Greece’s Minister of Economy and Finance, during his address at the international conference on the Economics of Longevity and Ageing held on June 17 and 18 in Athens.
Pierrakakis referred to this demographic trend as a “revolution of longevity,” highlighting its structural impact on the economy. He connected it to the fourth industrial revolution, asserting that both forces “will fundamentally transform how we operate in the 21st century.”
He characterized the demographic challenge as “existential” and raised the pivotal question of whether we will embrace longevity as an opportunity and adapt our economic policies. He expressed confidence that Greece has the potential to lead in this new era.
“I believe our country can take on a significant role in this process,” he noted, recalling how “key elements of pension policy have already shifted—especially during the memoranda—and our government has implemented changes that enable pensioners to work longer.”
The minister also addressed the evolving life model, observing that the traditional education-work-retirement triad is transforming. The post-war model, which relied on low life expectancy and stable careers, no longer serves contemporary needs. “We are now in an era of reskilling—you are likely to change careers multiple times throughout your life,” he emphasized.
Pierrakakis stressed the importance of the younger generation, noting that today’s children will need to adapt their thinking and work practices: collaborating, presenting their work, thinking algorithmically, and being open to redefining their roles throughout their lives.
According to Pierrakakis, this transformation influences “every policy area and reshapes our understanding of economic growth dynamics.” He pointed to education policy as a prime example, highlighting initiatives like the establishment of non-profit private universities and the promotion of extramural education.
He also referenced Spain and Portugal as models, stating, “We can develop a coherent strategy that is a national priority and plays a crucial role in revitalizing the economy and addressing modern requirements.”
The conference is organized by the Centre for Economic Policy Research – Research Policy Network on Ageing and Longevity, the OECD Centre for Population Dynamics in Crete, the Ellison Institute of Technology Oxford, and the Delphi Economic Forum, with generous support from the Bank of Greece and the Region of Attica.
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