IMD World Competitiveness Booklet 2022

Competitiveness Country Profiles

Cyprus Competitiveness Trends – Overall

OVERALL PERFORMANCE (63 countries)

BASIC FACTS

Rank

2018

2019

2020

2021

2022

Capital Land area (square km '000)

Nicosia

9 2021

30

0.845 2021

33

Exchange Rate (per $)

40

41

41

0.90 2021 61 27.6 2021 60 44,816 2021 29 5.5 2021 28 2.25 2021 19 7.67 2021 44 0.47 2021 62 -7.26 2021 61 480.9 2020 19 -1.33 2020 57

Population - market size (millions)

Gross Domestic Product (GDP) (US$ billions)

CHALLENGES IN 2022

GDP (PPP) per capita (US$)

• Manage the impact of war in Ukraine on local economy, particularly tourism and professional services. • Tackle fiscal challenges that may arise from the need to support the economy due to the war in Ukraine and sanctions, and from likely increase in borrowing costs. • Deal with rising energy and raw material costs through targeted policies. • Continue managing the COVID-19 pandemic without disrupting economic activity. • Implement reforms associated with the Cyprus Recovery and Resilience Plan and the Long-Term Economic Strategy. PROVIDED BY: Economics Research Centre, University of Cyprus Cyprus Employers and Industrialists Federation (OEB)

Real GDP growth (%)

Consumer price inflation (%)

Unemployment rate (%)

Labor force (millions)

Current account balance (% of GDP)

Direct investment stocks inward ($bn)

Direct investment flows inward (% of GDP)

COMPETITIVENESS LANDSCAPE

Economic Performance Government Efficiency

Business Efficiency

Infrastructure

Domestic Economy

International Trade

International Investment Employment Prices

Public Finance Tax Policy

Institutional Framework Business Legislation

Societal Framework

Productivity & Efficiency Labor Market Finance

Management Practices

Attitudes and Values

Basic Infrastructure

Technological Infrastructure Scientific Infrastructure

Health and Environment Education

12

16

16

17

21

28

29

32

34

39 36 43

43

43

52 48 48 48 56

59

PEER GROUPS RANKINGS EUROPE - MIDDLE EAST - AFRICA (40 countries)

POPULATIONS < 20 MILLION (36 countries)

2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

19

19

20

21

25

25

26

27

28

28

65