And 2022 is expected to be difficult for Paphos, as the effects of the pandemic will continue to affect its economy at least in the near future, said the president of EBE Paphos.
George May stressed that it is of major importance to support domestic consumption, by providing incentives to employees to continue to stimulate economic activity. This can be seen from the support measures that the government continues to apply, both to companies and employees, he said, explaining that with this policy the government hopes to enable the business world and employees to continue their activities.
“Reports of layoffs and wage cuts can not help revive economic activity,” May warned. “Such reports will increase the uncertainty and insecurity of citizens about their jobs, but also their incomes, resulting in a reduction in consumer spending, with a serious impact on the economy.”
The president of EBE Paphos also stated that on the front of the program for issuing a permanent residence permit to property buyers, the news is not good. Cyprus lags behind other competing destinations mainly due to the fact that it was not able to join the Schengen area, as a result of which the permanent residents, holders of the permanent residence permit, are deprived of the right of free movement.
“Free movement within the Schengen area is the main issue for those seeking permanent residence,” he said.