Publication:
Turkish Cypriot Community: Translating Opportunities into Shared Prosperity - A Macroeconomic Monitoring Note : Special Issue - Evidence-based Policy Making for Shared Prosperity

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dc.contributor.authorWorld Bank
dc.date.accessioned2025-02-28T22:22:53Z
dc.date.available2025-02-28T22:22:53Z
dc.date.issued2025-02-28
dc.description.abstractThe recovery of the Turkish Cypriot (TC) economy in 2023 was stronger than expected, and GDP is estimated to have rebounded to its pre-pandemic level. Following a deep recession in 2020—the deepest in Europe and the history of the TC economy, and after a modest recovery in 2021, the TC economy rebounded more vigorously in 2022, with GDP growth reaching 13.3 percent, and it is estimated to have grown at above 5 percent in 2023. Real GDP is estimated to have finally recovered to, and slightly surpassed, the pre-pandemic level. In 2023, Green Line (GL) crossings reached new record highs, as well as GL trade. The increase in GL trade reflects both structural progress and short-term opportunities, but despite this significant progress, it remains well below potential both in terms of volume and composition, with the top five products accounting for 88 percent of total GL trade. The agriculture sector 2023 is estimated to have contributed positively to growth, benefiting from the Turkish lira (TL) depreciation, reduced input prices, and favorable weather. Robust's imports reflect resilient domestic demand despite high inflation that is reducing purchasing power. The IOT analysis concludes three main findings, unveiling vulnerabilities and opportunities for the private sector. These findings are: (i) a strong reliance on services and a small domestic industrial production; (ii) a high dependence on imported vs domestically produced inputs for the TC economy, relative to its size; and (iii) a high dependence on imported inputs in the agriculture and industry sectors, although less so in the services sector.en
dc.identifierhttp://documents.worldbank.org/curated/en/099021325095519666
dc.identifier.doi10.1596/42883
dc.identifier.urihttps://hdl.handle.net/10986/42883
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectECONOMIC GROWTH
dc.subjectGDP GROWTH
dc.subjectAGRICULTURE SECTOR
dc.subjectIOT ANALYSIS
dc.titleTurkish Cypriot Communityen
dc.title.subtitleTranslating Opportunities into Shared Prosperity - A Macroeconomic Monitoring Note : Special Issue - Evidence-based Policy Making for Shared Prosperityen
dc.typeWorking Paper
dspace.entity.typePublication
okr.date.disclosure2025-02-28
okr.date.doiregistration2025-04-14T12:03:10.080639Z
okr.date.lastmodified2025-02-17T23:05:32Zen
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099021325095519666
okr.guid099021325095519666
okr.identifier.docmidP180066-e0fd7188-3730-4b4f-bb97-80612bcd0db1
okr.identifier.externaldocumentum34456202
okr.identifier.internaldocumentum34456202
okr.identifier.report197387
okr.import.id6738
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttps://documents.worldbank.org/curated/en/099021325095519666/pdf/P180066-e0fd7188-3730-4b4f-bb97-80612bcd0db1.pdfen
okr.region.administrativeEurope And Central Asia
okr.region.countryCyprus
okr.sectorFY17 - Trade
okr.sectorFY17 - Industry, Trade and Services
okr.themeFY17 - Investment and Business Climate,FY17 - Trade Policy,FY17 - Economic Growth and Planning,FY17 - Trade,FY17 - Labor Market Policy and Programs,FY17 - Structural Transformation and Economic Diversification,FY17 - Data production, accessibility and use,FY17 - Business Enabling Environment,FY17 - Public Private Partnerships,FY17 - Labor Market Institutions,FY17 - Trade Facilitation,FY17 - Data Development and Capacity Building,FY17 - Regional Integration
okr.themeFY17 - Economic Policy,FY17 - Human Development and Gender,FY17 - Private Sector Development,FY17 - Public Sector Management
okr.topicAgriculture::Agribusiness
okr.topicAgriculture::Food Security
okr.topicAgriculture::Food Markets
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicMacroeconomics and Economic Growth
okr.topicInternational Economics and Trade::Trade Finance and Investment
okr.unitEFI-ECA-MTI-MacroFiscal-2 (EECM2)
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