Has the Cyprus economy begun to recover from the novel coronavirus crisis and lockdown? We asked Michalis Stephanou, Partner in Advisory at PwC Cyprus, to assess progress.
“There is definitely a sense, among many consumers, that the COVID-19 crisis is over. Many consumers are confident that their income will not be significantly affected, and altogether there is a general return to normalcy. This confidence will incite many consumers to spend, and that will give the Cyprus economy a welcome boost,” Stephanou explains. Some of them have, however, not regained confidence, so it will take them longer to start spending again – it won’t be a sharp spike.
That could change, however, if there are new surges of infections, he notes, but for now a second lockdown does not seem highly likely.
Continue reading at source: Cyprus Mail
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