Welcome address by the President of the House of Representatives at the 5th Nicosia Economic Congress
I would like to thank the organisers, Gold Magazine and the Institute of Certified Public Accountants of Cyprus, for the opportunity offered to me to be here today and, in turn to welcome you all to this important event, the fifth Nicosia Economic Congress.
Today’s Economic Congress takes place at what I consider a turning point for the Cyprus economy. After the shock suffered by the unprecedent decision of the Eurogroup back in March 2013, imposing impairment on bank deposits, fiscal indicators show that the Cyprus economy is stabilising. However a lot of challenges lie ahead, such as reducing the unemployment rate, non-performing loans and putting the economy back on to a sustainable growth track.
After the Cyprus Gross Domestic Product lost more than 10%, in the last three years, the minimal growth recorded during the first quarter of 2015, for the first time since the second quarter of 2011, is just a positive sign. -21.05.2015