European Commission Evaluates Cyprus
As reported by a European Commission document, Cypriot financial adjustment protocols are continuing on the right path, while implementation strides have been achieved in all major sectors, however some challenges remain.
According to the EC record, the harsh recession has been less definite than predicted, attributed by the tourism and professional services subdivisions, in addition to private consumption declines.
Yet, Cypriot employment has decreased and the unemployment figure has majorly increased. The labor market has been determined as flexible, along with progressive salary modifications that have backed the employment downfall. The text stated the nation's debt adjustment requirement, regarding the public and private sectors that remains high, is a major barrier to financial growth.
The island's GDP is predicted to decrease by 4.2% this year, while the economy is reported to return to a conservative growth rate of 0.4%. Concerns focus on non-performing loans recovering slower than believed, labor market hits and Ukrainian and Russian turmoil.
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