12° Nicosia,
24 May, 2024

Moody's sees positive shift in Cyprus economy

Cyprus economic resilience echoed by Moody's analyst


In a webinar panel discussion hosted by the Cyprus Economic Society, Haiko Peters, Vice President and Senior Analyst at Moody's Sovereign Risk Group, emphasized sustained improvements in the Cypriot economy.

Comparing favorably to countries with similar categorization, Cyprus experienced robust medium-term GDP growth, reduced debt levels, and strengthened banking sectors, leading to a two-notch upgrade by Moody's to the Baa2 category in September.

Peters anticipates further economic growth for Cyprus in 2024-25, supported by EU funding, demographic trends, and favorable labor supply conditions. Despite potential risks from Middle East conflicts and global changes, Peters highlighted Cyprus's fiscal surplus forecast and reduced debt burden compared to peers.

[With information from CNA]

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