"In the middle of difficulty lies opportunity."
The socioeconomic impact of Covid-19 has prompted an urgency to pursue a reform of various aspects of the economy. Many of these have already been identified through various studies but have, thus far, witnessed only moderate change, often being neglected due to the relatively fast growth rates in real GDP since at least 2015.
However, with the outlook of recession brought about by the pandemic, the need to focus on improving the economy’s productivity and competitiveness is once more elevated. The key to success is linked to effective cooperation between the government and the private sector.
This paper outlines our thinking around various measures that could be pursued to achieve this combined objective, recognising that going back to the old normal is not a viable option, and making the best of the new-normal is indeed the only option.
It also includes additional considerations, including our collective responsibility to adhere to health and safety measures, as we head towards a gradual return to normality so as to avoid the need to re-introduce stricter restrictions.
Partner, Advisory, PwC Cyprus
Senior Manager, Advisory - Health Industry, PwC Cyprus
Manager, Advisory - Data, Analytics & AI, PwC Cyprus