The Finance Minister of Cyprus has predicted that the country will see growth of 3.7 % for 2009 as well as see full employment and lowered inflation. In a recent news conference reviewing the government’s budget for 2009 and the economic outlook for Cyprus, Finance Minster Charilaos Stavrakis had a very positive outlook.
“In spite of the world going through an unprecedented economic crisis marked by high levels of inflation and stagnation,” Finance Minister Charilaos Stavrakis said, “the Cyprus economy remains extremely satisfactory” and is performing near the top of European economies with a growth rate of nearly 4%. The minister also indicated that inflation should come in at 4.8% for all of 2008, despite being over 5% earlier in the year. For 2009, inflation is expected to decrease significantly to between 2.5 and 3%.
Mr. Stavrakis also tried to allay any fears the Cyprus government would try and hold down new development projects. He noted that the 2009 budget has several large projects, including three new desalinization plants and infrastructure projects designed to decrease traffic in and around Nicosia.
Continued growth on the island and a well-rounded budget for the government will increase investor confidence Cyprus. Those who are looking for an international investment or overseas holiday home can look to Cyprus as a solid destination.
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