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Cyprus - A long-term development perspective, Volume 1
Country:Cyprus; Date Stored:2003/08/01
Document Date:1987/07/31Document Type:Publication
SubTopics:Environmental Economics & Policies; Economic Theory & Research; Banks & Banking Reform; Health Economics & Finance; Public Sector EconomicsISBN:ISBN 0-8213-0931-5
Language:EnglishMajor Sector:(Historic)Economic Policy
Region:Europe and Central AsiaReport Number:PUB6352
Sub Sectors:(Historic)Macro/non-tradeCollection Title:A World Bank country study
Volume No:1  

Summary: Cyprus has overcome many serious constraints to reach the present relatively well advanced economic and social development. Per capita income in the southern part of the island, the subject of this report, is about $4480 and life expectancy is 75 years. The economy has continued over the past few years to operate at practically full employment, with relatively low inflation and a manageable external debt burden. To maintain this good development record, Cypriot economic planners have started work on charting the course for future development and to examine their development options. On the basis of past performance and potential to grow further, planners have decided that future development would be anchored on three sectoral pillars, namely, tourism, manufacturing, and agriculture. With locational and skill advantages, Cyprus has also achieved considerable growth from the exports of services such as off-shore businesses, warehousing and transhipment, consultance and business services. The growth of these exports could accelerate if they were to be included as another pillar of development. To reach their potential, necessary resources for investment must be made available and a stable economic environment must be provided.

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