The new comprehensive study by PwC Cyprus, entitled “Restart Cyprus: Now”, includes a series of proposals, aimed at promoting reforms to restart and transform the economy and achieve sustainable growth in the post COVID-19 era. This is PwC Cyprus’ third study regarding the impact of the pandemic, as well as the restart and transformation of the economy for the 21st century. The two previous ones, entitled “COVID-19 – Impact of the pandemic on the Cyprus Economy” and “Restart Cyprus”, focused on the impact of the pandemic’s first wave on almost 20 economic sectors as well as on the organisation’s recommendations regarding the measures that could be taken to achieve the recovery of the economy respectively.
The new study, “Restart Cyprus: Now”, includes targeted proposals aimed at achieving recovery and reconfiguring the economy which concern the State, businesses but also society as a whole. Focusing on strengthening our economy’s competitiveness and achieving economic and social resilience, it presents specific ways to increase productivity as well as to enhance development and create jobs, in line with the priorities set by the European Union especially as regards to a digital and green economy.
The study highlights the fact that Cyprus should revise its economic model and aim for a more long-term, revised direction, adjusted to the new reality. The study also highlights the impact of culture in the development and success of countries' economic initiatives. According to PwC, now is the right time for Cyprus to study thoroughly and utilise the cultural characteristics of our country following the example of other countries and similar proposals by the European Union.
The proposals included in the “Restart Cyprus: Now” study focus on social developments, environmental reforms as well as on public sector reforms. Additionally, it further extends to research and innovation, education, transportation, as well as other sectors, such as alternative investments (i.e., aggrotech) and sustainable tourism.
The study is introduced by Sir Christopher Pissarides, Nobel Laureate for Economics who also contributed to its drafting. According to Professor Pissarides, “Staying put is regress - however good the level at which we are stationed. Open exchange of ideas and decisions that go to the heart of our economic system have to be made all the time”.
In statements, PwC Cyprus CEO Mr. Evgenios Evgeniou highlighted the report’s importance, saying that: “As we repair the damage caused by the pandemic, we also need to rethink and reconfigure the economy and business models. This is not the time for easy solutions. This is the time to transform the Cyprus economy and businesses to be fit for the 21st century, in line with the EU priorities of a Digital and Green economy. The key to achieving this is a common vision and collective effort. ” he said.
The report is available at www.pwc.com.cy/restart-cyprus.
Director - Marketing & Communications, PwC Cyprus