Cyprus has advantage over Europe in potential growth rate
Cyprus still has an advantage over Europe concerning the potential growth rate of its economy despite the global financial crisis.
Speaking after a meeting with political party representatives and social partners, as well as government officers, to discuss the European Commission document on the future of the Lisbon Strategy, Minister of Finance Charilaos Stavrakis said that the challenge now is to maintain this “‘potential advantage” and the Ministry of Finance would be doing everything it deemed right to solve structural problems that have been to the detriment of society for many years.
He recalled that the potential rate of growth in Cyprus was historically around 4% and, due to the global crisis and the recession, it has dropped to 3-3.5%. He pointed out that ”the respective rate of the European economy is 2% and has now dropped to 1-1.5%.”
The Minister noted that the government has already presented a comprehensive package of proposals, which could solve the structural problems of the Cypriot economy, increase the growth rate and reduce unemployment, adding that some of the measures need more processing and approval by the House of Representatives.
Meanwhile, a recent study conducted by investment website Homes Overseas indicated that Cyprus is still a popular destination for those considering overseas property investments. The island offers bargain getaways that will help travelers escape the bad news of the current economic climate.
According to the Times, The country offers Mediterranean food and weather, advantageous tax laws, English language radio stations and the combination of being under five hours away by plane and a minimum temperature of 15 degrees Celsius, even in winter, makes the destination ideal for a holiday home for Brits.
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