Macro/Political:
During his speech at a Forum today, Minister of Finance Makis Keravnos noted that, despite a challenging international environment marked by geopolitical tensions, economic instability, and rapidly changing conditions, the Cypriot economy continues to demonstrate resilience and strong performance. Despite these global pressures, he said, Cyprus shows notable stability and positive prospects. He emphasized that Cyprus is among the best-performing EU countries in terms of public finances, achieving a primary surplus of about 5% and rapidly reducing public debt. According to current forecasts, the debt ratio is expected to drop below 60% by the end of 2025, earlier than originally planned.
This positive outlook is also reflected in international credit ratings, as Cyprus has returned to the “A” category after thirteen years. Mr. Keravnos noted that this strengthens the country’s international standing and builds investor confidence, enabling reforms and social initiatives aimed at improving living standards. Within this context, he outlined the government’s major tax reform, describing it as the most significant change in decades. Its goal is to create a fairer, more efficient, and modern tax system that meets today’s social and economic needs.
Source: inbusinessnews
