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Cyprus’ Economic Forecast: Positive Growth Amid Global Challenges

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The Economics Research Centre forecasts Cyprus’ GDP growth rate to be 2.6% in 2024, rising to 3.3% in 2025, with inflation predicted to decrease to 2.0% in 2024 and 1.9% in 2025, showing a promising economic outlook despite global challenges. The positive forecast from the Economics Research Centre at the University of Cyprus points to strong growth and lower inflation rates, backed by the island’s resilient domestic activities and labor market.

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Unauthorized Employment Crackdown in Paphos

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The Paphos unauthorized employment crackdown saw five asylum seekers facing charges for working without proper permits, shedding light on the challenges vulnerable populations encounter in accessing legal employment. The employer involved was also charged, emphasizing the need for accountability in ensuring adherence to labor laws and preventing exploitation in the shadow economy.

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Unemployment Rate Drops by 13.5 Percent in March 2024

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The unemployment rate in Cyprus dropped by 13.5 percent in March 2024, a positive shift attributed to growth in sectors like finance, construction, and tourism, along with government efforts in education and vocational training. The total number of jobless individuals decreased to 12,277, marking a significant improvement in the labor market’s outlook and signaling potential economic recovery.

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Tackling Illegal Employment in Cyprus

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Cyprus is taking a strong stance against illegal employment with enhanced inspections, an electronic census of workers, and cracking down on misclassification of selfemployment. Labour Minister Yiannis Panayiotou is leading the charge to address this issue and improve work conditions, support parents, and foster international labor cooperation to ensure a fair and regulated labor market.

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