articles | 13 November 2020

President sees economy rebounding in 2021

President Nicos Anastasiades on Thursday expressed the hope the economy can start rebounding once the coronavirus pandemic is over next year.

“I am absolutely sure, based on the measures taken at local, international, but also European level, and by taking advantage of the prospects and comparative advantages of our country, with the encouraging indications that we are close to the discovery of an effective vaccine – not by one but by 47 companies – that the pandemic crisis will be overcome so as to deal more effectively with the financial crisis in the hope that 2021 will be the year for recovery to begin, so that we can return to the growth we had before the pandemic.”

His remarks came while addressing the Cyprus Exports Awards 2018, a ceremony held at the presidential palace.

The president said that based on the government’s previous prudent fiscal policy, it has managed to immediately implement decisions and support and strengthen vulnerable groups, companies and employees.

Total expenditures on support and relief measures for fiscal year 2020 will exceed €1 billion.

The spending has benefited around 190,000 employees and several thousand companies, Anastasiades noted.

And the 2021 state budget provides for another €300 million in coronavirus-related support expenditures, although that figure would likely be exceeded.

Regarding exports, the president said that a 56% increase was recorded during the years 2015-2019. In the first half of 2020, exports of domestic products and services fell by 4.6% and 8.8% respectively, compared to the same period of 2019.

This decline can easily be reversed once the pandemic is effectively addressed, Anastasiades said.

Source: Cyprus Mail

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