The government‘s concern is growth based on a model that again creates bubbles instead of improving people’s living standards

Statement by Charis Polycarpou, Head of the Economic Research Bureau of AKEL, on the President’s speech to the Employers & Industrialists Federation

AKEL C.C. Press Office, 12 October 2018, Nicosia

Mr. Anastasiades, with his intervention at the Cyprus Employers & Industrialists Federation’s annual dinner, has once more showed that its priority is to serve the interests of the privileged few.

He reiterated the Government’s intention to privatize the semi-governmental Cyprus Electricity Authority (CYTA), despite the public commitments for impressions sake it has made from time to time to the contrary.

It has announced new tax reliefs for interests on deposits, while the Government’s commitments to grant tax incentives to the vulnerable groups of the population and young couples remain unfulfilled.

And of course the President didn’t find anything to say whatsoever about addressing growing income inequality and high rates of poverty and social exclusion, nor of course has he convinced citizens that the government’s vision is the establishment of sustainable and balanced economic growth and development.

Unfortunately, despite all that Mr. Anastasiades and the government pledged to do, reality shows that their concern is growth based on a model that is once again creating bubbles, instead of an economy that will improve living standards for all people and provide dignified and quality public services to society.