Friday, February 28th 2020 2PM °C nicosia
11-02-2020 15:08 | Read 585 times

Cyprus solution would bring big dividend

A solution for Cyprus would bring a vast economic dividend to all who live and work on the island, according to the report, The Cyprus Peace Dividend Revisited, just published by the Peace Research Institute of Oslo Centre.

Cyprus solution would bring big dividend

The report argues that the divided economies of Cyprus have reached their limits in terms of potential. 

The authors would expect average incomes – gross domestic product (GDP) per capita – to be €6,800 to €11,000 higher than they would be without a solution and economic size (GDP) to be €11 billion to €17.4 billion larger. Under their baseline scenario, real GDP growth would be, on average, 3.8 per cent with a solution and only 2.3 per cent under the status quo.

Even under very conservative assumptions, and under two different forecasting methodologies, the authors find that a united Cyprus settlement would generate a significant boost to tourism, construction, shipping and professional services, with the biggest prize of all going to wholesale and retail trade.

For now, the lack of a solution will continue to act as a drag on competitiveness, productivity and job creation, especially for women and the young, and will leave both communities vulnerable to economic shock, the report says.

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