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President reiterates is creating conditions for economic growth

President Nicos Anastasiades has reiterated the government’s commitment to maintain and broaden conditions that would lead to fiscal surpluses and high economic growth.

Addressing the 15th CFA Forecasting event, organised by the CFA Society Cyprus, on Thursday night Anastasiades recalled that from a downturn of 6% in 2013 Cyprus returned to consecutive high growth of 4%, from deficits of €1 billion in 2012 and 2013 generated surpluses for five consecutive years, unemployment has fallen from its peak of 16% in 2013 to 7.5% with a declining trend, while the Cypriot credit rating returned to investment grade status.

These achievements, he said, were the result of the prudent fiscal policy we followed, the strengthening of our stable and competitive tax and legal regime, the implementation of measures which facilitated economic and investment opportunities and the adoption of significant structural reforms.

It was also the combination, he added, of the above with the patience and hard work that the people of Cyprus demonstrated, as well as the co-operative stance of the majority of political partners, social partners, and in particular the professional business organisations and the private sector.

The President reiterated the government’s commitment to continuing to improve the country’s business environment through adopting measures and implementing new incentives which facilitate economic and investment opportunities and implementing further significant structural reforms in pensions, the welfare and labour market system, the health care system, tourism and research and innovation.

He added that “at the same time, we will of course continue to actively support the thriving financial services sector, one of the most important and productive pillars of our economy, which has proven truly resilient at challenging times, being a key pillar for the economic recovery, the growth and the job creation we are witnessing.”

Anastasiades also said that in addition to numerous tax and legal incentives offered, the government has actively supported the development of the industry by strengthening the national regulator, the Cyprus Securities and Exchange Commission, while enhancing the regulatory framework according to the European legislation and on best international practices.

“These initiatives, as well as the hard work of professionals in the industry, have resulted in the strong growth of the sector, especially as regards fund management,” he said.

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