Managing the Cyprus Economy towards sustainable growth. Praxoula Antoniadou-Kyriacou Minister of Commerce, Industry & Tourism, Cyprus
|
|
- Melissa Warner
- 6 years ago
- Views:
Transcription
1 Managing the Cyprus Economy towards sustainable growth Praxoula Antoniadou-Kyriacou Minister of Commerce, Industry & Tourism, Cyprus London School of Economics Friday, 10 February
2 Structure of Cyprus economy before the financial crisis A small open economy with services sectors acquiring greater importance over time At earlier stages, overdependence on tourism Later, overemphasis on financial sector Construction a main growth sector all along shipping gaining growing importance Heavy dependence on imports of oil, burdening the current account, inflation and the environment 2
3 Way crisis affected the Cyprus economy No initial exposure to toxic instruments Fall in external demand for goods & services Tourism initially dropped ( ) Fall in FDI -purchases of 2 nd homes Adversely affecting construction sector Gradually feeding in on Domestic demand Drop in real growth Gradual increase of Unemployment 3
4 Tight credit conditions SMEs turned to banks for financing to wither the crisis Unfortunately money remained tight at this crucial initial stage, where accommodation of requirements could have made a difference At a time when the ECB was lowering interest rates and pouring liquidity into the system 4
5 Bank Liquidity Banks which were loaded with liquidity turned to investment abroad And to those sovereign bond instruments which bore the highest return Hence exposure of part of the domestic banking system to Greek debt increased. 5
6 Cyprus Macroeconomic Profile GDP real growth % 5,1 3,6-1,9 1,1 +ve GDP-PPS -% EU Inflation % 2,2 4,4 0,2 2,5 3,5 Unemployment % 3,7 5,3 6,2 9,3 Current Account deficit % 11,8 15,6 10,7 9, Fiscal balance % 3,5 0,9-6,1-5,3-6,0 Fiscal Debt % 48,9 58,5 60,
7 Way out of Recession Cyprus at the border of a world of recession with a world of rapid growth Hence E possibility to return to sustained +ve growth more quickly than rest of Europe Capitalise on pockets of increasing external demand Encourage domestic demand Plan responsibly the way of building the new Long Term, incorporating prospects created in Energy sector but maintaining diversification at the same time, ie keeping focus of other sectors where we also have a competitive advantage 7
8 Energy novel opportunity Medium term benefits: building of infrastructure Long term benefits: revenue from sales of hydrocarbons Short Term: Investors flowing in to position themselves at the beginning of the new era for Cyprus & the area 8
9 Long Term Benefits (continued) Revenue from exports of hydrocarbons benefiting current account and GDP Use of natural gas initially in electricity production Reducing CO2 emissions Causing costs & prices to fall increase in competitiveness 9
10 Human Capital Education system needs to develop & broaden to encompass skills and fields of study that will enable a greater proportion of the local population to partake in economic activity in new sectors Strengthening of domestic labour force Avoid brain drain and retain youth in the country 10
11 In meantime Fiscal discipline is not sufficient In the ST to MT need to create & sustain growth Some personal suggestions Combined tourist destination Eastern Mediterranean Reduce capital gains tax on property sales Reduce liquidity ratio on resident bank deposits Enhance air & sea communications with rest of world Move on implementing digital agenda 11
12 Enhancing energy security of Europe At a time when Europe is actively seeking for new sources of natural gas After shift in energy mix And as a bridging solution until renewables can assume a significant share of energy generation 12
13 Challenge ahead Policy making by visionary leaders should concentrate on utilising new variable (energy) in the equation of the Eastern Mediterranean in a way that will contribute to the sustainable attainment of peaceful, productive economic cooperation that will benefit both the peoples of the area as well as those of our wider European family. 13
CYPRUS INVESTMENT PROGRAMME. CA Advocates (Pourgoura & Aspri LLC) Cyprus
CYPRUS INVESTMENT PROGRAMME CA Advocates (Pourgoura & Aspri LLC) Cyprus The Cyprus Jurisdiction: Still Attractive? Agenda: Cyprus in Brief Cyprus Jurisdiction A general overview Why choose Cyprus? Cyprus
More informationEurozone Ernst & Young Eurozone Forecast June 2013
Eurozone Ernst & Young Eurozone Forecast June 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Ernst & Young
More informationCyprus Economy Developments December 2017 Treasury and Correspondent Banking Department
Cyprus Economy Developments December 2017 Treasury and Correspondent Banking Department Major recent developments in Cyprus Cyprus Macroeconomic Developments Cyprus Real GDP (seasonally adjusted) recorded
More informationSpring Forecast: slowly recovering from a protracted recession
EUROPEAN COMMISSION Olli REHN Vice-President of the European Commission and member of the Commission responsible for Economic and Monetary Affairs and the Euro Spring Forecast: slowly recovering from a
More informationLatest economic developments in Greece and Challenges for the Trade Finance Market
Latest economic developments in Greece and Challenges for the Trade Finance Market Peter Sanfey Deputy Director, Country Economics and Policy, EBRD 15 September 216, Bank of Greece, Athens The Greek economy:
More informationEurozone. EY Eurozone Forecast September 2013
Eurozone EY Eurozone Forecast September 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Ireland
More informationPeriphery research: Greece Signs of improvement compared to the recovery in Latvia
Investment Research General Market Conditions 15 August 2014 Periphery research: Greece Signs of improvement compared to the recovery in Latvia Latvia s economy went into free fall in H2 07 but due to
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Finland
More informationGreece. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands
EY Forecast June 215 rebalancing recovery Outlook for Delay in agreeing reform agenda has undermined the recovery Published in collaboration with Highlights The immediate economic outlook for continues
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook
More informationCyprus: Regaining momentum
Cyprus: Regaining momentum Natasa Pilides Director General 14/12/ Strong economic performance Cypriot economy expanded faster than EU average in 2016 11 consecutive quarters in positive territory Consecutive
More informationImpact of the Great Recession and the Role of Assistance Programmes in EMU Countries
UNIVERSIDADE DE TRÁS-OS-MONTES E ALTO DOURO Impact of the Great Recession and the Role of Assistance Programmes in EMU Countries Leonida Correia and Patrícia Martins Centre for Transdisciplinary Development
More informationGrowth, competitiveness and jobs: priorities for the European Semester 2013 Presentation of J.M. Barroso,
Growth, competitiveness and jobs: priorities for the European Semester 213 Presentation of J.M. Barroso, President of the European Commission, to the European Council of 14-1 March 213 Economic recovery
More informationDubai s Growth Drivers
Dubai s Growth Drivers Presentation at the Dubai Economic Outlook 2012 Dr. Nasser Saidi, Chief Economist, DIFC 15 th February, 2012 Agenda 1. BACKGROUND 2. MACROECONOMIC & STRUCTURAL DRIVERS 3. BUILDING
More informationSpanish economy A spotter s guide to the Spanish economy
Banco Sabadell Investor Relations Spanish economy A spotter s guide to the Spanish economy This document has been prepared by: Investor Relations at Banco Sabadell - investorrelations@bancsabadell.com
More informationCyprus. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands
EY Forecast June 215 rebalancing recovery Outlook for Renewed external funding to support growth, but is a worry Published in collaboration with Highlights The ending of capital controls and the approval
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Malta
More informationYouth unemployment in times of severe economic crisis: The Greek case
Panos Tsakloglou Athens University of Economics and Business, Hellenic Observatory (LSE) and IZA (Bonn) Youth unemployment in times of severe economic crisis: The Greek case International Social Cohesion
More informationThe euro area economy: an update Euro Challenge November 2016
The euro area economy: an update Euro Challenge November 2016 Delegation of the European Union to the United States www.euro-challenge.org What this presentation will cover A. Update on the economic situation
More information54 ECB RESULTS OF THE ECB SURVEY OF PROFESSIONAL FORECASTERS FOR THE FOURTH QUARTER OF 2009
Box 7 RESULTS OF THE ECB SURVEY OF PROFESSIONAL FORECASTERS FOR THE FOURTH QUARTER OF 9 This box reports the results of the ECB Survey of Professional Forecasters (SPF) for the fourth quarter of 9. The
More informationCompetitiveness: Should we be concerned?
Competitiveness: Should we be concerned? Tourism Policy Workshop, 22 nd November 2014 Dr Don Thornhill, Chairman, National Competitiveness Council Conor Hand, Economist, Strategic Policy Division, DJEI
More informationEconomic Developments in Greece
March 2018 Economic Developments in Greece January December 2017* The Greek economy is entering a new era Greece has returned to growth in the course of 2017 signaling a turning point for its economy.
More informationWP1: Synthesis report. Task 3 Country Report Luxembourg
WP1: Synthesis report Ex post evaluation of Cohesion Policy programmes 2007-2013, focusing on the European Regional Development Fund (ERDF) and the Cohesion Fund (CF) Task 3 Country Report Luxembourg September
More informationCyprus Investment Promotion Agency (CIPA) Investing in Cyprus
Cyprus Investment Promotion Agency (CIPA) Investing in Cyprus Sofia, 23 rd February 2016 Christodoulos E. Angastiniotis Chairman, CIPA Cyprus Investment Promotion Agency (CIPA) Promote Cyprus as an attractive
More informationEconomic Projections For 2014 And 2015
Economic Projections For 2014 And 2015 Article published in the Quarterly Review 2014:3, pp. 77-81 7. ECONOMIC PROJECTIONS FOR 2014 AND 2015 Outlook for the Maltese economy 1 The Bank s latest macroeconomic
More informationGertrude Tumpel-Gugerell: The euro area s economic outlook
Gertrude Tumpel-Gugerell: The euro area s economic outlook Intervention by Ms Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank, during a panel discussion on Europe s
More informationTHE EGYPTIAN ECONOMY. Reforms, Results and Remaining Challenges Vienna, April 26 th, 2018
THE EGYPTIAN ECONOMY Reforms, Results and Remaining Challenges Vienna, April 26 th, 2018 The Egyptian Economy Key Elements of the Reform Program Main Results Challenges Ahead Opportunities .Prior to the
More informationCOUNCIL OF THE EUROPEAN UNION. Brussels, 8 October /12 LIMITE CO EUR-PREP 30
COUNCIL OF THE EUROPEAN UNION Brussels, 8 October 2012 13389/12 LIMITE CO EUR-PREP 30 NOTE from: General Secretariat of the Council to: Permanent Representatives Committee Subject: European Council (18-19
More informationESTIMATING STRESSED PD TO BANK LOSSES WITH A MODEL OF BEHAVIOURAL AND SOCIOECONOMIC VARIABLES - THE CASE OF GREECE
Credit Risk Scoring & Credit Control XI conference ESTIMATING STRESSED PD TO BANK LOSSES WITH A MODEL OF BEHAVIOURAL AND SOCIOECONOMIC VARIABLES - THE CASE OF GREECE Credit Scoring & Analytics Team Retail
More informationThe Greek Economy: Implementing a new Model of Growth
The Greek Economy: Implementing a new Model of Growth Professor Plutarchos Sakellaris Chairman, Council of Economic Advisers Hellenic Republic November 2006 1 Presentation Overview HELLENIC REPUBLIC Greece
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for Modest
More informationThe Province of Prince Edward Island Employment Trends and Data Poverty Reduction Action Plan Backgrounder
The Province of Prince Edward Island Employment Trends and Data Poverty Reduction Action Plan Backgrounder 5/17/2018 www.princeedwardisland.ca/poverty-reduction $000's Poverty Reduction Action Plan Backgrounder:
More informationA Closer Look to External Trade: Greece's Export Performance. Economic Research & Investment Strategy
A Closer Look to External Trade: Greece's Export Performance Ilias Lekkos Artemis Leventakis Lekkosi@piraeusbank.gr Leventakisar@piraeusbank.gr Economic Research & Investment Strategy December 2016 Greece's
More informationQuarterly Report for the Greek Economy
Quarterly Report for the Greek Economy 3-2016 October 11 th, 2016 This presentation is supported by Various developments in the current period Positive developments: international tourism, low energy prices,
More informationANNUAL REPORT 2015 CHAPTER 2 COMPETITIVE ADJUSTMENT AND RECOVERY IN THE SPANISH ECONOMY DIRECTORATE GENERAL ECONOMICS, STATISTICS AND RESEARCH
ANNUAL REPORT 215 CHAPTER 2 COMPETITIVE ADJUSTMENT AND RECOVERY IN THE SPANISH ECONOMY THE RECOVERY IN COMPETITIVENESS There has been a significant improvement in price/cost competitiveness since 28, although
More informationInvestment & Economic Update. November 2010
Investment & Economic Update November 2010 Summary Returning to Growth Growth predicted for 2011 (GDP +2.25%) Manageable debt ratio 12.5% Corporation Tax Rate Guaranteed Robust Export Performance Growing
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for exits bailout,
More informationSPANISH EXTERNAL SECTOR AND COMPETITIVENESS: SOME HIGHLIGHTS
SPANISH EXTERNAL SECTOR AND COMPETITIVENESS: SOME HIGHLIGHTS Summary Spain has significantly increased its trade openness in the last two decades Despite the global crisis and increased competition from
More informationCOMMUNIQUÉ SADC MACROECONOMIC PEER REVIEW MECHANISM PANEL MEETING. Gaborone Botswana, 7 July 2016
COMMUNIQUÉ SADC MACROECONOMIC PEER REVIEW MECHANISM PANEL MEETING Gaborone Botswana, 7 July 2016 1. SADC Ministers responsible for Finance and Investment and the Central Bank Governors constituting the
More informationCyprus Economy Developments February 2018 Treasury and Correspondent Banking Department
Cyprus Economy Developments February 2018 Treasury and Correspondent Banking Department Major recent developments in Cyprus Cyprus Macroeconomic Developments Cyprus Real GDP (seasonally adjusted) recorded
More informationCrisis, Conflict, Fiscal Space and the MDGs in Tunisia and Egypt. Rob Vos Marco V. Sanchez United Nations
Crisis, Conflict, Fiscal Space and the MDGs in Tunisia and Egypt Rob Vos Marco V. Sanchez United Nations Amman, 28 March 2012 Crisis, Recovery, Crisis Global recession 2008-2009 Continued financial fragility
More informationSurvey on Access to Finance
Survey on Access to Finance Article published in the Annual Report 2014, pp. 33-39 BOX 1: SURVEY ON ACCESS TO FINANCE (SAFE) 1 Small and medium-sized enterprises (SME) form the backbone of the European
More informationMonthly Economic Review
Monthly Economic Review FEBRUARY 2018 Based on January 2018 data releases Bedfordshire Chamber of Commerce Headlines UK GDP growth picked up in Q4, driven by stronger output from the services sector The
More informationDIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS MULTI ANNUAL EVALUATION PROGRAMME. Evaluations planned for Years
DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS MULTI ANNUAL EVALUATION PROGRAMME 1 st June Evaluations planned for Years -2020 The programming calendar presented in the table below is purely indicative
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More informationSpring 2013 forecast: The EU economy slowly recovering from a protracted recession
EUROPEAN COMMISSION PRESS RELEASE Brussels, 3 May 2013 Spring 2013 forecast: The EU economy slowly recovering from a protracted recession Following the recession that marked 2012, the EU economy is expected
More informationDUBLIN BY NUMBERS ECONOMIC ACTIVITY, TAX & EMPLOYMENT. 47% OF ALL JOBS nationally are located in the Greater Dublin Area
HY UB IN? ECONOMIC OVERVIEW Ireland s economy continues to perform especially well with output now rising at a faster annual rate than any other country in the EU. Underpinning this is the robust performance
More informationIn 2010, Europe faced a choice
Europe 2020 Ruth Paserman DG Enterprise and Industry Head of Unit Europe 2020 and National Competitiveness Policies Alpeuregio summer school 2014 2 July 2014 In 2010, Europe faced a choice 2010-2020: a
More informationThe Eurozone Crisis, Greece, and the Experience of Austerity
The Eurozone Crisis, Greece, and the Experience of Austerity From Austerity to Development: The Challenges Ahead Athens, 09.11.2013 Prof. Louka T. Katseli Central Messages 1. Austerity policies have failed
More informationGuatemala. 1. General trends. 2. Economic policy. In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate
Economic Survey of Latin America and the Caribbean 2009-2010 161 Guatemala 1. General trends In 2009, the Guatemalan economy faced serious challenges as attempts were made to mitigate the impact of the
More informationTable of contents. Acknowledgements... Explanatory notes... Executive summary...
Table of contents Acknowledgements... Explanatory notes... Executive summary... iii iv v Chapter I Global economic outlook... 1 Prospects for the world economy in 2014-2015... 1 Global growth continues
More information46 ECB FISCAL CHALLENGES FROM POPULATION AGEING: NEW EVIDENCE FOR THE EURO AREA
Box 4 FISCAL CHALLENGES FROM POPULATION AGEING: NEW EVIDENCE FOR THE EURO AREA Ensuring the long-term sustainability of public finances in the euro area and its member countries is a prerequisite for the
More informationDEVELOPMENTAL PRIORITIES OF THE REPUBLIC OF CROATIA
GOVERNMENT OF THE REPUBLIC OF CROATIA DEVELOPMENTAL PRIORITIES OF THE REPUBLIC OF CROATIA 2002-2004 GROWTH OF EMPLOYMENT AND STANDARD OPENNESS COMPETITIVENESS STABILITY Zagreb, November 12, 2001 BACKGROUND
More informationMEDIUM TERM PROSPECTS FOR TURKISH ECONOMY 16 OCTOBER 2017 WASHINGTON, DC
MEDIUM TERM PROSPECTS FOR TURKISH ECONOMY 16 OCTOBER 2017 WASHINGTON, DC Medium Term Prospects for Turkish Economy Government officials in Turkey announced the new Medium Term Economic Program for the
More informationIs the Euro Crisis Over?
Is the Euro Crisis Over? Klaus Regling, Managing Director, ESM International Center for Monetary and Banking Studies, Geneva 25 March 2014 Eight reasons for the sovereign debt crisis 1. Member States did
More informationSPAIN, A LAND OF OPPORTUNITIES. March 2013
SPAIN, A LAND OF OPPORTUNITIES March 2013 1 Contents 01 01 02 Executive summary Doubts about Spain begin to dissipate 03 Economic outlook, 2013-14 05 04 Spain: a success story 05 Spain must continue driving
More informationWHAT S AHEAD 17.1 The Nature of International Trade 17.2 U.S. Economy and World Trade 17.3 Government and the Economy 17.4 It s a Global Economy
WHAT S AHEAD 17.1 The Nature of International Trade 17.2 U.S. Economy and World Trade 17.3 Government and the Economy 17.4 It s a Global Economy LESSON 17.1 The Nature of International Trade GOALS Discuss
More informationPanel on Institutional investors asset allocation and the real economy
Evolving landscapes of bank and non-bank finance Banca d Italia-LTI@UniTo Conference Panel on Institutional investors asset allocation and the real economy Opening remarks by the Deputy Governor of the
More informationCyprus: Economy Dynamics
Cyprus: Economy Dynamics 2Q2014 September 2014 At a Glance Contents At a Glance 1 Macroeconomics Forecasts 2 The Cyprus Macroeconomic Adjustment Program (CMAP) 3 Major Challenges Persist 4 Public Finance
More informationSlovak Macroeconomic Outlook
Slovak Macroeconomic Outlook CFA society 29 March 2017 Jan Toth Deputy Governor National Bank of Slovakia Summary Acceleration of GDP growth in the medium-term due to start of the new productions in the
More informationEU: crisis, reactions and the EIB
INTERNATIONAL BANKING FORUM 2013 Brescia, 13-14 June 2013 Markus BERNDT Head of Division, Policy + Strategy, Economics Department European Investment Bank m.berndt@eib.org Economist for Italy: Luca Gattini,
More informationSpeech: Priorities for EU tax policy
EUROPEAN COMMISSION Algirdas Šemeta Commissioner responsible for Taxation and Customs Union, Audit and Anti-fraud Speech: Priorities for EU tax policy Irish Parliament Committee on Finance / Dublin 10
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Sixth Meeting October 13 14, 2017 Statement No. 36-33 Statement by Mr. Van Overtveldt Belgium On behalf of Republic of Armenia, Belgium, Bosnia and
More informationBudget Business Breakfast. Francis Kamulegeya
www.pwc.com Budget Business Breakfast Francis Kamulegeya Agenda 1. Economic performance for FY 2013/14 2. Budget priorities for FY 2014/15 3. Medium term economic outlook 4. Proposed tax measures 5. Conclusion
More informationMonetary Policy Committee s Decision 8/2017
No. 66/2017 Monetary Policy Committee s Decision 8/2017 Mr. Jaturong Jantarangs, Secretary of the Monetary Policy Committee (MPC), announced the outcome of the meeting on 20 December 2017 as follows. The
More informationYannis Stournaras: The future of the Greek economy
Yannis Stournaras: The future of the Greek economy Speech by Mr Yannis Stournaras, Governor of the Bank of Greece, at an event organized by the Hellenic Spanish Chamber of Commerce, Athens, 12 February
More informationHow Europe is Overcoming the Euro Crisis?
How Europe is Overcoming the Euro Crisis? Klaus Regling, Managing Director, ESM University of Latvia, Riga 3 March 2014 Eight reasons for the sovereign debt crisis 1. Member States did not fully accept
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Ninth Meeting April 12, 2014 Statement by Siim Kallas, Vice-President of the European Commission On behalf of the European Commission Statement of
More informationSpring 2018 forecast. The economic forecast for Europe Main messages
Main messages "Expansion to continue amid new risks" Economic expansion set to continue in all Member States Labour market improvements continue Inflation expected to move up very gradually Public finances
More informationECONOMIC OUTLOOK. September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT
ECONOMIC OUTLOOK September, 2017 MINISTRY OF ECONOMY AND SUSTAINABLE DEVELOPMENT CONTENTS GDP growth... 3 Potential Level of Economic Growth and GDP Gap... 3 Macroeconomic Environment in the Region...
More informationEighth UNCTAD Debt Management Conference
Eighth UNCTAD Debt Management Conference Geneva, 14-16 November 2011 Rising Debt of the Developed World and Implications for Developing Countries by Dr. Ellias Ngalande Executive Director, Macroeconomic
More informationEdexcel (B) Economics A-level
Edexcel (B) Economics A-level Theme 2: The Wider Economic Environment 2.5 The Economic Cycle 2.5.2 Circular flow of income, expenditure and output Notes The circular flow of income Firms and households
More informationPortugal: economic adjustment and challenges ahead
Portugal: economic adjustment and challenges ahead Carlos da Silva Costa Governor Madrid, November 10 th 2015 Forum Europa Outline I. Adjustment of the Portuguese II. Lessons to be drawn III. Challenges
More informationA Decade-Long Economic Crisis: Cyprus vs. Greece
A Decade-Long Economic Crisis: Cyprus vs. Greece Gikas Hardouvelis Professor of Finance & Economics University of Piraeus LSE SU Hellenic and Cypriot Societies Forum London, March 18, 17 TABLE OF CONTENTS
More informationCOTE 2017 ARMCHAIR DISCUSSION ECONOMIC PERSPECTIVES ON THE REGION. Anthony Peter Gonzales
COTE 2017 ARMCHAIR DISCUSSION ECONOMIC PERSPECTIVES ON THE REGION Anthony Peter Gonzales 11/10/2017 GROWTH RATES Since 2009 the majority of Caribbean countries have grown on average 1.2% per year, compared
More informationThe Economic Situation of the European Union and the Outlook for
The Economic Situation of the European Union and the Outlook for 2001-2002 A Report by the EUROFRAME group of Research Institutes for the European Parliament The Institutes involved are Wifo in Austria,
More informationMeeting with Analysts
CNB s New Forecast (Inflation Report III/2018) Meeting with Analysts Karel Musil Prague, 3 August 2018 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES. Recommendation for a COUNCIL OPINION
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 30 January 2008 SEC(2008) 107 final Recommendation for a COUNCIL OPINION in accordance with the third paragraph of Article 5 of Council Regulation
More informationEurozone. EY Eurozone Forecast September 2013
Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Germany
More informationVERBAND DER CHEMISCHEN INDUSTRIE e.v.
VERBAND DER CHEMISCHEN INDUSTRIE e.v. Translation / Original: German Statement to the press by Dr. Marijn E. Dekkers President of Verband der Chemischen Industrie (VCI) at the VCI s half-year press conference
More informationService de presse Paris, le 29 mai 2013
PRÉSIDENCE DE LA RÉPUBLIQUE Service de presse Paris, le 29 mai 2013 France and Germany Together for a stronger Europe of Stability and Growth France and Germany agree that stability and growth within the
More informationBANK PEKAO SA. Delivering sustainable profitability on the back of scale and market leadership
BANK PEKAO SA Delivering sustainable profitability on the back of scale and market leadership Bank of America Merrill Lynch Banking & Insurance CEO Conference London, 26.09.2012 DISCLAIMER This presentation
More informationBeyond austerity: A path to economic growth and renewal in Europe
October 2010 Beyond austerity: A path to economic growth and renewal in Europe Executive summary Challenges and opportunities Per capita GDP is 24% lower in the EU 15 than in the United States Productivity
More information2015 Economics. Advanced Higher. Finalised Marking Instructions
2015 Economics Advanced Higher Finalised ing Instructions Scottish Qualifications Authority 2015 The information in this publication may be reproduced to support SQA qualifications only on a noncommercial
More information5+1 charts on how Hungary can catch up with France
5+1 charts on how Hungary can catch up with France Dániel Palotai, Executive Director and Chief Economist of Magyar Nemzeti Bank Ágnes Nagy, analyst of the Magyar Nemzeti Bank s Competitiveness and Structural
More informationEurozone job crisis:
UNDER EMBARGO UNTIL 22:01 GMT TUESDAY 10 JULY 2012 Eurozone job crisis: Trends and policy responses Executive Summary INTERNATIONAL LABOUR ORGANIZATION INTERNATIONAL INSTITUTE FOR LABOUR STUDIES Executive
More informationFrom Crisis to Recovery: The Challenges ahead for the European Economy
From Crisis to Recovery: The Challenges ahead for the European Economy Moreno Bertoldi Head of Unit Countries of the G-20, IMF, G-groups European Commission COMEXI 24 June 2014 PART I: Current Economic
More informationØystein Olsen: The economic outlook
Øystein Olsen: The economic outlook Address by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), to invited foreign embassy representatives, Oslo, 29 March 2011. The address is based
More informationEUROPEA COU CIL Brussels, 14 March Delegations will find attached the conclusions of the European Council (14/15 March 2013).
EUROPEA COU CIL Brussels, 14 March 2013 EUCO 23/13 CO EUR 3 CO CL 2 COVER OTE from : General Secretariat of the Council to : Delegations Subject : EUROPEA COU CIL 14/15 March 2013 CO CLUSIO S Delegations
More informationEurope urban aspects of EU policies
Europe 2020 -urban aspects of EU policies Adéla Tesařová Urban policy in the European Union Brussels, 28 March 2011 1 Europe 2020 strategy EU's growth strategy for the coming decade Short term and long
More informationGROWTH AND JOBS: NEXT STEPS
GROWTH AND JOBS: NEXT STEPS Presentation of J.M. Barroso, President of the European Commission, to the informal European Council of 30 January 2012 Tackling the «vicious circles» affecting Europe Europe
More informationMalta: Sustaining rapid growth. necessitates strong investment
Malta: Sustaining rapid growth necessitates strong investment Dr Aaron G Grech Chief Officer, Economics, Central Bank of Malta 2018 Meeting of the EBRD Constituency for Austria, Bosnia and Herzegovina,
More informationThe EU/IMF adjustment programme for Portugal: Achievements and remaining challenges
The EU/IMF adjustment programme for Portugal: Achievements and remaining challenges Martin Hallet European Commission Economic and Financial Affairs Resident Advisor in Portugal 20 June 2012 Outline 1.Background
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Seventh Meeting April 20 21, 2018 Statement No. 37-33 Statement by Mr. Goranov EU Council of Economic and Finance Ministers Brussels, 12 April 2018
More informationStability, Cohesion and Growth
Stability, Cohesion and Growth April 23, 2012 Swedish Minister for Finance Anders Borg Agenda Sweden has weathered the current crisis relatively well Lessons from the crisis in the early 1990s Further
More informationMacroeconomic Challenges and Forecasts for Poland
Macroeconomic Challenges and Forecasts for Poland June EFC warns - the best is behind us and proposes actions Opinion of the European Financial Congress There is a general consensus among the European
More informationPreliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 [ ]
Preliminary Financial Results of Alpha Bank Cyprus Ltd for the year 2015 [29.2.2016] Main Highlights - Strong Capital Base with Common Equity Tier 1 ratio at 17.5% on 31.12.2015 - After tax losses of Euro44.7
More informationRomania. Paving the way to EURO adoption. October 2018
Romania Paving the way to EU adoption October 218 In most non EA NMS a wait and see approach seems to prevail Initial target 214 Date of setting the initial target 27 Convergence Program Price Stability
More informationCyprus Economy Developments December 2018 Treasury and Correspondent Banking Department
Cyprus Economy Developments December 2018 Treasury and Correspondent Banking Department Major recent developments in Cyprus Cyprus Macroeconomic Developments Cyprus Real GDP growth rate (seasonally adjusted)
More information