Cyprus needs sustainable growth to address economic migration

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The best way to retain young well qualified people in Cyprus is through improving their employment and career prospects by allowing the Cypriot economy to return to a sustainable growth path with new job opportunities, Commissioner for Economic and Monetary Affairs Olli Rehn has pointed out.

In his reply to a question by Cypriot MEP Antigoni Papadopoulou on the economic migration, Olli Rehn said the Commission does not underestimate the depth of the current crisis in Cyprus nor the difficult challenges now facing the Cypriot population, and the youth in particular.

“Financial stability and sound public finances have to be restored”, he noted.

EU Commissioner also said that “the Commission assists Cyprus in its efforts to develop a more diversified and sustainable economic model, addressing at the same time the needs of the youth population by co-financing projects directed to young unemployed under the current Operational Programme 2007-2013 of the European Social Fund and by promoting the gradual implementation of a youth guarantee within the framework of the Youth Employment Initiative, as well as by promoting the youth entrepreneurship under the current Operational Programme 2007-2013 co-financed by the European Regional Development Fund (ERDF)”.

The Commission has set up a Support Group for Cyprus, which will support Cyprus in alleviating the effects of the economic shock through the mobilisation of EU funds and will contribute to the efforts of the Cypriot authorities to restore the financial, economic and social stability.

In her question to Rehn, Papadopoulou said that research from the Cyprus Institute of Statisticians shows that 28% of the population in the 18-28 age range intend to emigrate from Cyprus, following the unfair Eurogroup decision.

She said that this percentage represents the most productive portion of the country’s population, educated to the highest levels and that 62% of young people who have expressed their intention to emigrate hold a graduate or postgraduate diploma.