In May 2020, PwC issued its first set of transformative proposals, addressed to the government, the business community, and the society at large, towards creating a stronger and more competitive economy. The Successful Business Magazine is publishing a renewed set of propositions (released in December 2020), calling for immediate action to Restart Cyprus: Now. We have prepared a summary of the report. You may find the full version on www.pwc.com.cy.

Evgenios Evgeniou

CEO, PwC Cyprus

"...In Cyprus as we repair the damage caused by this crisis we also need to rethink and reconfigure our economy and business models so as to be fit for the future. This is not the time for quick and easy solutions. This is the time to transform the Cyprus economy to be fit for the 21st century, in line with the EU priorities of a Digital and Green economy. The key to achieving this is a clear vision and an action plan embraced by all the stakeholders and implemented on the basis of effective cooperation between the public and private sectors.

We believe that Cyprus can transform into a competitive, innovative and more diversified economy with sustainable growth and job creation. An economy that is attractive to productive investments. A country providing quality living conditions and opportunities for all to realise their aspirations. In the context of this transformation traditional economic sectors will adopt more sustainable business models and new sectors will develop and flourish..."

Sir Christopher Pissarides

Regius Professor, London School of Economics. Professor of European Studies, University of Cyprus. Nobel Laureate in Economic Sciences.

"...We have a beautiful island, unrivalled cultural heritage, and a socially liberal and sophisticated population, at least when we set our minds to it. When Cypriots go abroad to work, they excel. Why can’t we create the conditions to help them excel at home? I believe that we can do it.

Perhaps the most worrisome aspect of Cyprus society currently is the idea that 'we are different'. The expression 'this is Cyprus, my friend' is heard too often. It has to be banned from the language. We are not different. We are just like any other small European country, with a good quality of life, which needs to fight to compete and progress. The reforms begin with one that will probably surprise readers, but it is right at the heart of modern ideas about economic progress: cultural development. We need to change our way of thinking and realise that we are a modern nation with high educational standards, that know how to enjoy our European cultural heritage and think positively about the future and our capabilities. Government needs to take the lead to guide us in that direction. More conventional governance and economic reforms include a modernisation of the public sector, from the courts and the administration of justice to ministries and local municipalities. The public sector needs to provide a good example to follow and facilitate the development and smooth functioning of the private sector and the population at large..."

"...Education, health, the business environment, and support for struggling sections of the population are all in need of urgent reform to raise our living standards. Technology, the nature of the corporation and its role in society, and the social contract are in a constant state of flux. We need to be alert and never stop the modernisation of our country through reform. It is a process, not a one-off shot, which needs constant stimulation with ideas and action."