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ECONOMY

Prodromou: Full Employment Possible In Three Years

Prodromou: Full Employment Possible In Three Years

Government Spokesman Prodromos Prodromou said that Cyprus could expect full employment over two or three years and that it would be feasible to have a growth rate 4% in 2018, the Cyprus News Agency reports.

In statements to the press at the Presidential Palace, the spokesman said that Cyprus’ growth rate announced by Eurostat for the first quarter of 2018, had confirmed the momentum of the economy and had shown that a growth rate of 4% is feasible. He added that it was the 13th consecutive quarter of economic growth.

“We have stable and robust economic growth, without hiding any problems and structural weaknesses in the economy, " he added.

As the spokesman said, as long as the Government continues its stable policy and makes the necessary changes, either in the institutional framework or in the administration of the state, the conditions would continue to improve more broadly for employees and for the people of Cyprus.

He also said that the growth rate in the first quarter 2018 was consistent with the employment growth. The employment, he added, was projected to increase that year by 3.5% and added that the unemployment rate had been reduced to 9.1% in March 2018, compared to 16% in 2013.

 "At this pace of economic growth, we can expect that it’s a matter of time and in two or three years we will have full employment in Cyprus," he said.

That way, he added, the conditions for labour and employment would be improved, wages would be improved and new quality jobs would be created.

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