Petrides upgrade strong of Cyprus’ economy

On Saturday, Cyprus' finance minister, Constantinos Petrides, applauded S&P's upgrade of the island nation's credit rating, which was changed from BBB-/A3 to BBB/A2 with a stable outlook.

According to Petrides, "The government will continue to support economic activity in a prudent manner, both in terms of growth and reducing unemployment

in light of the issues it must contend with, including the pandemic, the protracted war in Ukraine, and inflationary pressures."

To accomplish this, he continued, "the government supports the Cypriot economy and society in a targeted and flexible manner

while simultaneously promoting the appropriate economic plans that will allow the greatest utilisation of European programmes and funds,

particularly the recovery and resilience plan." The upgrade, according to S&P

reflects the very good development of the Cypriot economy over the last ten years and our assessment that this will continue, despite the effects of the war in Ukraine.

geThncy also increased its prediction for GDP growth this year from 2.7% to 4.5%, underscoring its confidence in the Cypriot economy.

It noted that "despite quite strong relations with Russia, which we expect to weigh on the business services sector

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