Cyprus economic recovery and banking sector outlook discussed at Best Legal 2018

During the Best Legal 2018 conference, experts analyzed the status of the Cypriot economy and banking system following the challenges of the 2008 global financial crisis and the local 2012–2013 crisis. Attendees noted that while the recovery was difficult, the country is currently showing promising growth.

Haris Pouangare, a director at the Bank of Cyprus, stated that the most difficult period for the banking sector is over, with profitability expected to be positive for 2018. The national economy recorded a GDP growth of 3.9%, driven primarily by the construction, tourism, and shipping sectors. However, experts emphasized that sustainable growth requires further diversification.

Marios Dimitriadis, former Minister of Transport and managing partner at MD Mindset Consulting Ltd, argued that the current period of growth should be utilized to focus on new sectors, specifically infrastructure and energy. These fields are considered priority areas for future investment and development. While officials remain optimistic about growth continuing into 2019, they stress that structural reforms remain essential for long-term stability and to maintain public trust in the financial system.