The effects of the crisis continue, but at the same time there is great resilience according to research findings conducted on behalf of the Bank of Cyprus.
The gradual improvement of the climate continues, with 67% of the population expecting a deterioration, compared to 89% at the beginning of the crisis and 77% last winter. However, the climate remains negative as 2/3 of Cypriots estimate that the economic situation will worsen.
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On the positive side, while only 2% of Cypriots expected the economic climate to improve last March, today the figure has risen to 16%. Importantly, this increase shows a steady trend since November. The trend does not seem to be reversed by the new measures taken in January.
Despite the fact that expectations are improving, the hope that is recorded in households comes in stubbornness of the small deterioration that has been recorded lately. Now, 55% of households answer that their financial situation has been affected by the Pandemic, compared to 50% in the previous month.
The data may also reflect the resumption of installments in the debts and liabilities of many households, although the first indications are that there is no general inability to repay in households.
It is noted, however, that there is still substantial resilience in households, with 42% stating that it has not been affected, despite the intensifying pressures on the economy.
