As 2022 drew to a close Cyprus’ leading business publication, Gold Magazine, chose to host a breakfast gathering to discuss the events of 2022 and the prospects for 2023. Invited along were ten of the leading business figures in Cyprus including Managing Partner, Elias Neocleous who, to general mirth commented that, “If 2022 was a movie, I would say that it had a promising beginning, a shocking middle, a cliff-hanger ending and a few interesting subplots running throughout!”. On a more serious note it was generally acknowledged that inflation, particularly in energy prices, in 2022 had caused problems for all sectors of the economy. Additionally the war in Ukraine had highlighted the overdependence of some sectors and individual businesses on Ukrainian and Russian customers and funding. This was particularly true of the tourism sector and some elements within the finance and construction sectors.
More positively, however, as Elias noted, the war and inflation shocks had acted as a catalyst for some positive change. The tourist sector had been fairly successful in tapping new markets and the high energy prices were accelerating the adoption of more sustainable energy forms and producing a focus on reducing inefficiencies. It was noted that Cyprus GDP growth had still outperformed most other EU countries in part due to the release of pent up domestic demand resulting from the Covid 19 measures in 2021. Moving forward into 2023 most leaders present supported Elias’ view that widespread adaptation and development of innovative technology would be key to a successful future economy. Many present also endorsed the vision of Cyprus as an ICT hub and expressed the belief that this sector could become as important as shipping and tourism to the country.
The full discussion and list of participants may be viewed in the associated Gold Magazine article here.
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