Industry News

Cyprus economic recovery should not be taken for granted

Cyprus economic recovery should not be taken for granted

Cyprus achieved an impressive economic growth of 2.8% for 2016

In the four years following the economic meltdown of 2013, Cyprus has been able to stabilize its banking system, put its public finances in place, regain access to international markets and achieve an impressive economic growth of 2.8% for 2016. Achieving this without increasing taxes and without scrutinizing public spending shows a certain level of robustness of the national economy.

In a recent interview Finance Minister Harris Georgiades stressed that “Growth is not based on circumstantial and misleading policies, through reckless public spending and budget deficits, nor on excessive and unviable bank lending, as has unfortunately been the case in the past. It comes from real re-ignition of economic activity.” He also stated that “We need such satisfactory but viable growth rates to make up for the lost ground.”

Among the growth triggers pointed out by the ministry are the tourist sector and the citizenship by investment program, which brought in close to €3.5 billion by the end of 2016. Both sectors have contributed to improving a stagnant real estate sector, bringing in foreign investment and ultimately fueling growth when confidence was very low.


Canada to Host the G7 Summit

Canada to Host the G7 Summit

2018-06-06
2018-06-06

Canada to Host the G7 Summit

Seven leaders from the world’s most advanced economies will meet this week in Canada At

News
Balkans Drive New Relations with the EU

Balkans Drive New Relations with the EU

2018-05-23
2018-05-23

Balkans Drive New Relations with the EU

The EU-Western Balkans Summit takes a unified step towards increasing investor interest in the

Europe, Industry News
The UAE Adopts a New Visa System

The UAE Adopts a New Visa System

2018-05-23
2018-05-23

The UAE Adopts a New Visa System

With US$11 billion in foreign direct investments in 2017, and a 3% projected growth

Industry News
Bulgaria Attracts Global Attention

Bulgaria Attracts Global Attention

2018-05-18
2018-05-18

Bulgaria Attracts Global Attention

Bulgaria's Rising Economic and Cultural Opportunities Empower a Brighter Future Leading Europe as the President

Bulgaria, Industry News