THE GREAT RECOVERY
THE GREAT RECOVERY
Cyprus is about to exit its economic adjustment programme on 31 March 2016, and is standing again on its own two feet, having regained its credibility as a country and as an economy.
Excluded from the international markets since May 2011, Cyprus was given a €10 billion bailout in March 2013, with an adjustment period of three years. The Cyprus Government imposed a series of corrective measures in exchange for the bailout by the European Commission, the European Central Bank and the International Monetary Fund to prevent a banking collapse.
Since then, the trust in the banking financial system has been restored with the Cyprus Economy recording positive growth rates and promising perspectives for raising investments in conditions of full certainty and credibility. Cyprus has also returned in the international markets a year ahead of what was expected and is once again, in a position to fund its needs. Through the implementation of credible policies, reliable supervision and regulation, the re-building of the foundations of a solid economy has begun with the introduction of new tax incentives and a system for balanced public finances, which allow the State to do well in the various competitiveness indexes.
Cyprus, with the formal confirmation on 6 March by the EU, is about to exit its economic adjustment programme and is standing again on its own two feet, having regained its credibility as a country and as an economy. However, there is no room for complacency as Cyprus’ “story of economic recovery, of optimism and prospect” must be maintained and managed correctly in order to safeguard and promote Cyprus as a resilient and competitive economy, an attractive destination for new business and new investment.
Indeed, this “Great Recovery” from the brink of collapse is not an understatement but more of a challenge for Cyprus to exploit this achievement in the period that will ensue.
The above notwithstanding though, it is once again pointed out that, throughout this difficult period for the Cyprus Economy, the operational and taxation legislative framework for Cyprus Shipping remained intact and thus, managed to provide a secure and internationally competitive venue to conduct shipping activities from Cyprus. We therefore, look forward to even better days ahead!