2 September 2017

Cyprus has gone from bust to boom in less than four year with the largest grows rate in EU


With the highest rate of economic growth and employment in the eurozone, and a boom in business, Cyprus has entered a period of optimism and confidence.

Cyprus is clearly emerging from the financial crisis that began in 2011 when its economy was downgraded, starting a downward spiral that forced it to seek help from the European Support Mechanism in 2012. The Republic of Cyprus signed a memorandum with the European Union and the International Monetary Fund at the end of the same year, securing bailout loans in exchange for tough austerity measures including salary and benefit cuts, tax hikes and privatizations.