CyprusProfile.com asked AstroBank (Cyprus) Ltd Chairman, Executive Committee & Managing Director, Constantinos Loizides, which key areas of opportunity or growth he sees in the banking sector, and what his expectations are for Cyprus in 2019.
Economic growth in the past couple of years has been driven mainly by foreign investment, tourism and construction. Even though this trend is likely to continue in 2019, there are also great growth prospects in areas such as shipping, education, medical tourism and technology. Furthermore, other areas of potential growth, for banking institutions could include also retail, consumer and housing loans, asset management and custody banking. Overall, the public finances and economic conditions are improving and therefore Ι am optimistic about 2019. I believe that there will be an increase in productivity and that GDP growth in the coming years will exceed 4% despite the projections for lower rates.