The scenarios, which include baseline and adverse projections, aim to evaluate the financial sector’s ability to withstand negative economic and financial shocks while identifying systemic risks.
Under the baseline scenario, Cyprus’ economy is projected to grow by 3 per cent in 2025, 3.1 per cent in 2026, and 3 per cent in 2027.
Conversely, the adverse scenario foresees a contraction of 2.5 per cent in 2025, followed by a steeper decline of 4.7 per cent in 2026, before a modest recovery of 0.7 per cent in 2027. Growth for 2024 is estimated at 3.7 per cent, based on historical data.
The survey results were originally presented during the annual meeting of the World Economic Forum, held in Davos, Switzerland, on January 20, 2025.
“This year’s CEO Survey findings highlight a stark juxtaposition – business leaders around the world are optimistic about the year ahead, but also know they must re-invent how they create, deliver and capture value,” said Mohamed Kande, global chairman of PwC.
“Emerging technologies such as GenAI, shifts in geopolitics, and the climate transition are all revolutionising how the economy works,” Kande added.
These measures, detailed in its 2023 macroprudential policy report to parliament, aim to mitigate systemic risks and ensure stability in the financial sector.
In 2024, the CBC introduced updated capital requirements for Cypriot banks identified as Other Systemically Important Institutions (O-SIIs).
The adjustments are part of a broader strategy to safeguard the financial system against potential vulnerabilities.
Five major banks—Bank of Cyprus, Hellenic Bank, Eurobank, Astrobank, and Alpha Bank—have been designated as O-SIIs and are required to maintain specific capital reserves over the next three years.
The 27 ministers agreed with the analysis of the European Commission, which found that the targeted modifications put forward by the member states did not affect the relevance, effectiveness, efficiency and coherence of their recovery and resilience plans.
Cyprus submitted targeted amendments to its plan in October, bringing its total value to €1.2 billion in grants and loans.
Vegetables rose by 30.7 per cent, fish by 9.2 per cent and meat by 8 per cent, which were the most significant increases in the food sector.
The price for olive oil decreased by 8.3 per cent and bourbon by 4.5 per cent.
“The inspection and report by foreign experts on the upgrading of the Prometheas ship has been completed, a development that signifies a crucial step in implementing our strategy for the reduction of the cost of electricity in our country,” Letymbiotis said.
The report outlines the actions that need to be carried out for the ship to obtain the necessary FSRU (Floating Storage and Regasification Units) certification and operate in an efficient and safe manner, in line with international standards.
“The evaluation of works proposed by the experts will allow for the timeline and the cost of completion of the upgrading to be precisely determined,” he said.
The service reported that this decrease was primarily driven by price declines across several material categories.
Structural mesh saw a reduction of 7.88 per cent, followed by roofing and metal components for plasterboard installation (-7.61 per cent), construction iron (-7.13 per cent), and construction steel (-6.61 per cent).
However, not all categories experienced a decline. Certain materials recorded price increases, including concrete and plaster additives (7.13 per cent), cables (6.50 per cent), asphalt concrete (4.79 per cent), and sockets, switches, fuses, and insulators (3.57 per cent).
She pointed out that the 2023 law on the management of common buildings and related matters, which is currently under review by the House committee on internal affairs, is aimed at rectifying longstanding regulatory gaps.
“The term ‘communal living’ has, unfortunately, become synonymous with a range of challenges for property owners, tenants, and the real estate industry at large,” Isidorou said.
She stressed that the rapid growth in shared ownership properties necessitates a robust legal framework to meet the evolving demands of this sector.
The project, co-funded by the European Union under the LIFE Programme, aims to support small and medium-sized enterprises (SMEs) in Europe address challenges related to high energy consumption.
“These businesses are grappling with improving energy efficiency, a lack of awareness, insufficient incentives, and limited access to financing solutions,” the chamber said in its statement.
“At the same time, they must navigate complex information systems and fragmented support structures, hindering the adoption of sustainable practices,” it added.
The initiative, which spans 36 months from October 2024 to September 2027, is implemented by a consortium of 12 partners from 10 European countries, including Cyprus, under the coordination of Eurochambers.
The Cyprus Stock Exchange (CSE) ended Tuesday, January 21, with losses.
The general Cyprus Stock Market Index stood at 227.37 points at 12:56, reflecting a drop of 0.51 per cent.
The FTSE / CySE 20 Index was at 138.23 points, representing a decrease of 0.53 per cent.
The total value of transactions came up to €213,098, until the aforementioned time during trading.
In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.58 per cent, 0.25 per cent and 0.48 per cent respectively. The hotel index remained unchanged.
The biggest investment interest was attracted by the Bank of Cyprus (-1.17 per cent), Hellenic Bank (no change), Salamis Tours (no change), Demetra Holdings (-0.57 per cent), and Woolworth Cyprus Properties (+0.5 per cent).
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