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Whatever Happened to the Cyprus Miracle? An Assessment of the Cyprus Economy and Pathways For an Alternative Economy Strategy

Principal Investigator: Panayiotis Pantelides
Affiliations: Scientific Board, Promitheas Research Institute;
Adjunct Faculty - UNICAF University.

Aims and Objectives

  •  After the COVID-19 pandemic, Cyprus is once again on the verge of a major economic crisis. This would be the third crisis of the Cyprus economy during the last two decades, following the stock market crash in 2000 and the banking-financial crisis in 2013.

  •  The intensity and impact of the current crisis will depend not only on government actions and policies but also on the underlying imbalances and weaknesses of the Cyprus economy which have developed during the last decades and have consolidated into what might be termed as the “Cyprus Developmental Model”.

  •  The Cyprus economy in a historical perspective, its underlying weaknesses and imbalances as well as arguments and directions for an alternative economic strategy are all subjects which are severely under-researched both in Cyprus and in international literature.

  • In this project a historical approach is adopted aiming to  delineate critical turning points, as well as long-term tendencies which had a determining impact on the trajectory of the Cyprus economy. In addition to historical data and policy decisions this project utilizes theoretical argumentation which is relevant to the case of Cyprus, as well as a set of focused interviews with experts and officials on different aspects of the economy.

  •  Pathways for an alternative economic strategy will be considered in terms of policies and institutions in order to address the structural imbalances of the Cyprus economy and create a basis for a new sustainable developmental model.

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