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ECONOMY

Georgiades: Cyprus' Growth Real, Strong, Sustainable

Georgiades: Cyprus' Growth Real, Strong, Sustainable

Cyprus Finance Minister Harris Georgiades discusses the reunification of the country, the country's economy, labour market reforms and the upcoming election. He spoke on Bloomberg Markets: European Open.

Georgiades commented on the recent reunification talks saying that it failed to bring results but he stated that there need to be some tangible steps towards reaching an agreement, however he said that “the recovery of Cyprus economy which has been strong enough happened under the current circumstances, the significant influx in foreign investment which we are witnessing, and did not happen because an imminent reunification but because of strong fundaments and of the excellent prospects of the Cyprus economy and that is where we continue to focus our attention.”

On the Cyprus economic sustainability, Georgiades stated that Cyprus has had high growth rates in the past but they were fuelled by an excessive public deficit and to an equally unsustainable credit expansion”, however he pointed that “non of the two factors exist today. Since 2014 we are operating with a balanced budget with no deficit spending at all which offer a temporary boost to the economic activity and the banking sector is still able to offer financing to the economy is not exhibiting anything near an unsustainable credit expansion”. Georgiades added that the Cypriot economic growth is real, strong and sustainable, which is a result of the excellent performance of key productive sectors of the economy, such as tourism, shipping, business and financial services, and energy.    

To view the full interview see the below video:

 

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