Nicosia should utilize EU pandemic funds to promote reforms that would diversify its economy, Klaus Regling, the European Stability Mechanism General Director told the Economist 16th Cyprus Summit. “Cyprus will receive a
Cyprus’ economy will bounce back from the COVID crisis next year with the government determined to execute radical reforms to ensure sustainable growth. This was the message from President Nicos Anastasiades in
House prices continued their upward trend in the second quarter, recording a quarterly increase of 0.9% from an 0.4% rise in the first three months, despite the growing market uncertainty induced by
Cyprus banks lag behind the EU on time needed to recover defaulted loans in residential real estate (RRE) and consumer debt, a European Banking Authority (EBA) report reveals. According to a report
It’s been almost a year since SARS-CoV-2 was discovered in Wuhan. The absence of transparency by the Chinese authorities and the lack of quick, effective response from governments around the world allowed
The Cyprus economy bounced back in the third quarter to 9.4% GDP growth from a 13.1% contraction in the previous quarter that included the lockdown period to control the pandemic. Year-on-year, the
Limassol and Paphos hotels, bars and restaurants have sounded the alarm calling for more government support to keep coronavirus-struck businesses alive until the health crisis is over. Following the lockdown decision, the
Cyprus said the European Commission’s Autumn Economic Forecast is in line with government estimates of recession this year and rebound in 2021 but the outlook remains uncertain without a coronavirus vaccine. The
Cyprus’ pandemic-struck economy is expected to contract by 6.2% GDP in 2020, rebound 3.7% in 2021 and 3% the year after, said the European Commission autumn economic forecast. According to the forecast,
Post-COVID aftershocks the island’s fragile economy is expected to bounce back next year with real GDP growth projected at 4.2% from a contraction -6.5% in 2020, according to economists. The University of
