Bright prospects for Cyprus economy

Bright prospects for Cyprus economy

General Wednesday, 08 August, 2018

An overall very positive picture of the Cypriot economy, notwithstanding specific challenges, was drawn by the speakers of an Economist event held in London’s Stock Exchange.

The ‘Cyprus: Regaining Momentum – Targeting Investment and Growth’ conference looked into the current situation and the prospects of the Cypriot economy.

As the consultant editor of the Economist John Andrews stated at the start of the conference, “things look rather healthy for Cyprus, but there remains the problem of the high percentage of non-performing loans.”

The rest of the speakers’ presentations sent the same message, with Peter Bofinger, an economics professor and member of the German council of economic experts noting that Cyprus’s recovery was faster in comparison to other economies in SE Europe because the island’s economy is more open.

Anthony De Lannoy, IMF executive director for Cyprus presented the stand-out factors of the country’s recovery: the GDP growth, the achieved fiscal balance, the regained capital markets access, the credit rating improvement and the restructuring of the banking sector.


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