CyprusProfile.com asked Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, European Commission, to describe the economic potential of Cyprus and tell us his expectations for 2017.
"Cyprus is experiencing a broad-based recovery, with confidence having returned after three years of ambitious reforms to stabilise the financial sector and consolidate public finances. Growth is now driven by strong consumption and a dynamic tourism sector, with unemployment steadily decreasing. The challenge now for Cyprus is to implement further reforms to increase potential growth. The Government's ‘Action Plan for Growth’ is a significant step in the right direction. To promote investment and lift growth, Cyprus should improve the business environment, strengthen human capital and implement high-quality investment projects, notably with the support of EU funds. Efforts to attract strategic investors in public utilities and increase energy sector competition should be renewed, while reforming the public administration and justice system must remain top priorities. Cyprus has turned a corner: its aim now should be to achieve a more balanced and sustainable growth model".