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231006 ||| eng |
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|a Testing the Resilience of the Turkish Cypriot Economy
|h Elektronische Ressource
|b A Macroeconomic Monitoring Note - Special Issue: Enhancing Competitiveness and Promoting Economic Integration
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| 260 |
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|a Washington, D.C
|b The World Bank
|c 2023
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| 653 |
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|a Macroeconomics and Economic Growth
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| 653 |
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|a Economic Integration
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| 653 |
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|a Turkish-Cypriot
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| 653 |
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|a Economic Forecasting
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| 653 |
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|a Economic Growth
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| 653 |
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|a Women and Youth
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| 653 |
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|a Halloumi
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| 653 |
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|a Hellim
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|a World Bank Group
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|a eng
|2 ISO 639-2
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|b WOBA
|a World Bank E-Library Archive
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|a Other Economic and Sector Work Reports
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|a 10.1596/39503
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|u http://elibrary.worldbank.org/doi/book/10.1596/39503
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a 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
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|a 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.
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| 520 |
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|a The 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.
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