Publication:
Testing the Resilience of the Turkish Cypriot Economy: A Macroeconomic Monitoring Note - Special Issue : Enhancing Competitiveness and Promoting Economic Integration

Simple item page
dc.contributor.authorWorld Bank
dc.date.accessioned2023-03-09T21:28:11Z
dc.date.available2023-03-09T21:28:11Z
dc.date.issued2022-03
dc.description.abstractThe Turkish Cypriot economy (TCe) has struggled to recover since the onset of the COVID-19 pandemic in early 2020. With a contraction of 16.2 percent in GDP in 2020, when the COVID-19 pandemic first took hold, the TCe experienced the most severe recession in its history, and the most severe recession among the economies of Europe. Moreover, just as other economies were beginning to recover, in 2021 the TCe underwent a phase of exceptional political uncertainty and numerous exogenous shocks, testing its resilience. With the emergence of new variants of the virus, the COVID-19 pandemic continued to adversely impact the TCe throughout 2021, with cases reaching a new peak at the end of 2021 despite the Turkish Cypriot (TC) administration’s efforts to prevent the spread of the virus, together with its support for the health system, households, and companies. Furthermore, a new record low in average precipitation in 2021, a series of earthquakes at the beginning of 2022, and weak energy security, with a recent series of power outages experienced across the island, have all revealed the intrinsic vulnerabilities of the island to climate change and natural disasters. Building a competitive private sector would require reforming business regulations and procedures that are under the mandate of the TC administration, and that should be aligned with international best practices and the EU Acquis, irrespective of the broader context of the political economy. Special attention should be devoted to the regulation concerning imports and GL trade. Pre-permits and licenses imposed by the TC administration on imports, on top of regulatory uncertainty and other cumbersome procedures, contribute to increasing prices, penalizing consumers, and eroding domestic competitiveness. A dialogue framework between GC and TC private sectors could be established to support solutions to the long-standing constraints that have been impeding business cooperation across the GL, for the benefit of all Cypriots.en
dc.identifierhttp://documents.worldbank.org/curated/en/099161502282335982/P1550440e68ffb09709c630c8cf40f3dcc8
dc.identifier.doi10.1596/39503
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/39503
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington DC
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo/
dc.subjectTURKISH-CYPRIOT
dc.subjectECONOMIC INTEGRATION
dc.subjectHALLOUMI
dc.subjectHELLIM
dc.subjectWOMEN AND YOUTH
dc.titleTesting the Resilience of the Turkish Cypriot Economyen
dc.title.subtitleA Macroeconomic Monitoring Note - Special Issue : Enhancing Competitiveness and Promoting Economic Integrationen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleTesting the Resilience of the Turkish Cypriot Economy: A Macroeconomic Monitoring Note - Special Issue : Enhancing Competitiveness and Promoting Economic Integration
okr.date.disclosure2023-03-01
okr.date.lastmodified2023-03-01T00:00:00Zen
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099161502282335982/P1550440e68ffb09709c630c8cf40f3dcc8
okr.guid099161502282335982
okr.identifier.doihttps://doi.org/10.1596/39503
okr.identifier.externaldocumentum34010803
okr.identifier.internaldocumentum34010803
okr.identifier.report180475
okr.import.id26
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099161502282335982/pdf/P1550440e68ffb09709c630c8cf40f3dcc8.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.administrativeEurope and Central Asia
okr.region.countryCyprus
okr.sectorOther Non-bank Financial Institutions,Other Industry, Trade and Services,Other Education,Other Public Administration
okr.themeMacroeconomic management,Improving labor markets,Export development and competitiveness,International financial standards and systems,Public expenditure, financial management and procurement
okr.themeEconomic management,Public sector governance,Financial and private sector development,Trade and integration,Social protection and risk management
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Forecasting
okr.unitEFI-ECA-MTI-MacroFiscal-2 (EECM2)
Files
Original bundle
Now showing 1 - 2 of 2
Thumbnail Image
Name:
P1550440e68ffb09709c630c8cf40f3dcc8.pdf
Size:
1.69 MB
Format:
Adobe Portable Document Format
Download
No Thumbnail Available
Name:
P1550440e68ffb09709c630c8cf40f3dcc8.txt
Size:
280.1 KB
Format:
Plain Text
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description:
Download
Collections
Other ESW Reports