AKEL on the European Commission’s report on the Cyprus economy

Statement by the Head of the Economic Research Bureau of Charis Polycarpou

AKEL C.C. Press Office, 9 March 2018, Nicosia

The European Commission’s report on the Cyprus economy dispels the myths that the government has been cultivating over the past few years about the country’s economic development.

The report stresses the fact that despite the positive economic growth rates, private debt and non-performing loans remain at very high levels. The projected growth rate is below the EU average. Social conditions continue to be difficult, while the country’s developmental model continues to be geared towards a few sectors of the economy.

The government argued during the election campaign that it had elaborated a plan to address these problems. Today it continues to implement the recipes of the past, and by doing so is perpetuating the economic inequalities and the problems in the banking sector.

Our country’s development model needs to be updated immediately with the aim of enhancing the prosperity not only a privileged select few, but of society as a whole.