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Cyprus economy on track, but has further to go — PwC
July 1, 2020
Has the Cyprus economy begun to recover from the novel coronavirus crisis and lockdown? We asked Michalis Stephanou, Partner in Advisory at PwC Cyprus, to assess progress.
“There is definitely a sense, among many consumers, that the COVID-19 crisis is over. Many consumers are confident that their income will not be significantly affected, and altogether there is a general return to normalcy. This confidence will incite many consumers to spend, and that will give the Cyprus economy a welcome boost,” Stephanou explains. Some of them have, however, not regained confidence, so it will take them longer to start spending again – it won’t be a sharp spike.
That could change, however, if there are new surges of infections, he notes, but for now a second lockdown does not seem highly likely.