Reforms will aid stability and economic recovery in 2023.

In a recent article published in the new year special edition of the Phileleftheros newspaper, prominent Cyprus business leaders were asked to comment on the year that was, and where they see the new year taking the Cyprus economy and business community.

Our Managing Partner, Elias Neocleous expressed the view that, the consequences of the pandemic have been successfully managed and are currently dissipating, with a visible comeback of consumer, business and investment confidence to the pro pandemic levels. Something that, as he said, is extremely positive, although, probably expected. What, unfortunately, was not expected were the dramatic developments and the negative consequences worldwide caused by the war in Ukraine.

Notwithstanding that, he expressed his optimism for inflation to recede within 2023, despite continued geopolitical uncertainty, due to targeted institutional policies. Especially for Cyprus, the data show that the worst fears regarding the effects of the disruption of economic relations with Russia are probably not confirmed, something that is also attributed to the utilization of opportunities and tools available in the EU. He believes that, with the help of these reforms, the economy will enter a new period of stability and a powerful recovery.

He also shared his optimism on the outlook for the legal services sector and his expectations about the application of innovative corporate policies such as ESG and the embrace of technological advances and, also, his vision for our firm, Elias Neocleous & Co LLC.

The full interview can be accessed here (in Greek only).