Today, the results of the impact study on the Greek economy of Law 5094/2024 on the establishment and operation of Greece Branches of Foreign Universities (Legal Entities of University Education – NPE) prepared by the International Counselor Society Deloitte on behalf of the Institute of Financial and Economics.

Internationally there is a continuous increase in the number of students (256 million in 2022) and the number of students choosing to study outside their country (6.9 million in 2022), leading to an increase in the offer of global orientation curricula. Many countries, including the United Kingdom, Australia, the Netherlands, Bulgaria and Cyprus, attract a significant number of foreign students by turning higher education into a “vehicle” vehicle.

It is also important that many Greeks resort abroad for the pursuit of their academic ambitions, as in 2021 they were estimated at more than 40,000.

The establishment of Law 5094/24 sets the regulatory framework for installation and operation in Greece Branches of Foreign Universities (NPE) and until 31/3/2025 (a deadline set), 12 applications were filed for the establishment of the NPE for the academic year 2025/26 and one application for 2026/2027.

In a depth of 5 years, it was estimated that they would operate 18 NPEs with the number of students estimated to reach ~ 58,800 of which ~ 16,400 will come from abroad (28% of the student population on the basis and examples of abroad). Particularly for international students, only the near market of countries of origin of international students within a three -hour radius of three hours from Greece has ~ 700,000 students.

The impact study aimed at assessing the immediate, indirect and induced impact on the ECP economy through 4 distinct “waves” / dimensions, namely “Wave 1”: Impacts of Installation and Operation of the NPE (from Capital & Operational Expenditure), “Waves 2”: Potential Investment Impacts of Third Party Investment (on the construction of fireplaces), “wave 4”: additional development benefits.

In a depth of 5 years, the installation and operation of the NPOs in Greece is expected to lead to € 10.2 billion in terms of produced product, € 1.9 billion in state revenue and ~ 73,500 jobs (FTES).

In the 5 years, the annual contribution to GDP is expected to reach 0.7% (€ 2.1 billion), while in 10 years and if all students reach 100,000, GDP contribution can gradually reach 1.5% (€ 5.1 billion).

In terms of additional development benefits, it is expected:

  • Significant improvement of the current account balance from the preventing explosion of Greeks to study abroad and attracting international students as it is appreciated:
  • Potential outflow of up to € 1.2 billion per year out of 40,000 Greeks studying abroad
  • Potential Inflow of up to € 286 million in the 5th year of attracting 16,400 foreign students and their visitors
  • Brain drain, an opportunity to repatriate academics and a contribution to the enhancement of human resources in which the country is facing significant supply / demand gaps.
  • Contributing to the promotion of multi-culturalism, the development of “noble competition” with public universities, leading to the improvement of the quality of public universities, as well as to enhancing investment in research and innovation, creating a more dynamic and competitive academic and broader business environment.

Mr. Tasos Avrantinis, president of the Institute of Financial and Economic Studies – IDOM, said: “With the adoption of Law 5094/2024, the government has limited the state monopoly to higher education allowing Greece to establish annexes of foreign universities. Law 5094/2024 is one of the largest education reforms that paves the way for our country’s equal and competitive participation in the Single European Academic Charter. Today the Institute of Financial and Economic Studies and Deloitte are presenting the study we have done on the multiple benefits of the Greek economy from the installation of foreign university (public and private) branches. In conclusion, this historical reform creates a new dynamic industry in the economy that, in combination with the country’s geographical location, its history, its environment and its culture, can be the most important pillar of the Greek economy. “

Mr. Sotiris Batzias, partner of the Deloitte Greece Straue & Transactions Department said: “The preparation of this study is for us an excellent opportunity to contribute to the public dialogue for the establishment and operation of Legal Entities of University Education (NPE) in Greece established by Law 5094/2024. International practices show that countries that invested in time in non -state education have managed to create a strong pole of innovation and development perspective. Greece now has the opportunity to create an additional development pole, recognizing and supporting the broad ecosystem around education, limiting the talent leak, reintegrating academics in the domestic educational community and generally enhancing high -profile employment. Education is expected to further complement / differentiate the domestic productive model, creating strong conditions for a particularly important development footprint. “