Cyprus has a record of successful economic performance reflected in rapid growth, full employment conditions, and external and internal stability, almost throughout the post-Independence period (from 1960). In terms of per capita income - currently estimated at US $12,687 (2003) - Cyprus is classified among the high-income European countries. The economy of Cyprus is 73.1 percent free, according to our 2007 assessment, which makes it the world's 20th freest economy. Its overall score is 0.2 percentage point lower than last year, partially reflecting new methodological detail. Cyprus is ranked 12th out of 41 countries in the European region, and its overall score is higher than the regional average. The first development plan (196266), designed to broaden the base of the economy and to raise the standard of living, resulted in an average annual real growth rate of 5.4%. The second development plan (196771) called for an annual growth rate of 7% in the GDP; actual growth during this period was nearly 8% annually. The third development plan (197276) envisaged an annual economic growth rate of 7.2%, but a drought in 1973 and the war in 1974 badly disrupted development programs. Physical destruction, a massive refugee problem, and a collapse of production, services, and exports made it impossible for Cyprus to reach the targets.
Until July 1974 the Cyprus economy was developing vigorously, particularly the agricultural sector which accounted for more than one third of the GDP. The tourist and light industry sectors were also growing. After the events of 1974 light industry was the engine of growth until the mid 1980's. By the late 1980's services replaced industry with tourism being the driving force of economic development. Since 1974 there has been a de facto partition of the island with the Turkish Cypriot community in the north and the Greek Cypriots in the south. Since 1975, multi-year emergency economic action plans inaugurated by the Republic of Cyprus have provided for increased employment, incentives to reactivate the economy, more capital investment, and measures to maintain economic stability. Since its military intervention in 1974, Turkey has provided substantial financial aid to the Turkish Cypriot area. In 1996, this assistance was estimated to be approximately one-third of the area's GDP, or approximately $175 million. The 199498 Strategic Development Plan emphasized a free-market, private-sector economic approach with a target GDP growth of 4% annually. The plan called for a domestic savings rate of 22.3% of GDP; an increase of labour productivity of 2.
"Economic Development. (From the Library)." Government Finance Review 17.6 (Dec 2001): 58(1). General OneFile. Gale. Apollo Library. 19 May 2008 ..
In 1858, Abraham Lincoln delivered a speech in Illinois at a Republican State Convention. Within his speech were the words, "A house divided against itself cannot stand." This speech referred to the differences among the North and South over the issue concerning slavery. He continued, “I believe this government cannot endure, permanently,” 8 if the two halves do not come to agreement as one. The United States would not be able to be a prosperous country until there is unity. A strong difference within a country does not make for stability, no matter if it concerns slavery, strong religious differences, or ethnicities. The latter is certainly as issue today concerning many countries.
Greece is the birthplace of today’s most popular form of government: democracy. Greece is also a beautiful country with a very rich culture and traditions, serving as a summer attraction for more than 15 million people every year. Greece’s influence in our daily lives is apparent around the whole world. We find characteristics of Greece’s culture in the literature we study, the buildings we work and live in, the food we eat and the artistic features of our entertainment. However, not even Greece’s bright and honorable past can avoid this brutal crisis that has affected various sectors of the country along with its population. Greece joined the EU in 1981 and two decades later, in 2001, Greece abandoned the Drachma (the old currency) and adopted the Euro. This decision, even today, has been controversial and has been the cause of many discussions and
The Greek economy has seen a large collapse following the recent worldwide recession. The European Union has expressed concerns for the impact that Greece’s economic collapse will negatively affect other member nations. Greece and the European Union are working to reduce the Greek deficit and to contain the economic crisis to Greece.
How Greece’s problems started- The big problem for Greece is that it is a very corrupt country politically. It’s corrupted both domestically and foreign where large amounts of funding money is being placed in the wrong hands. And 25% of the country 's GDP is falling into undeclared black markets. The severe parts of “The Greek Depression” started in 2009 where fears developed about them not being able to pay their debt obligations due to data that was misinterpreted by the Greek government a while back. Also there is a large in balance in the public sector has created a vastly large expense for the private sector, further contributing to its debt problem. The hosting of the Olympic games also created a large expense for Greece on top of it
Greece has emerged as one of the fastest growing economies in the EU since the mid-1990s when it has recorded strong GDP growth, significantly outperforming EU averages. Greece was one of the fastest growing countries in the Eurozone with an annual growth rate of 4.3 % from about 2000 to 2007 compared to Eurozone average of 3.1...
Eurozone crisis has had huge impacts not only on the economy of the UE but also on the other countries who have economic and financial relations with the members of the union. The reason why we have decided to examine the Eurozone crisis in detail is to have a better understanding of the mechanisms behind this extremely important and complex problem and also to make accurate inferences about the solution alternatives. In our pape...
The Zorlu Group's rapid growth since 1990 reflects the vast range of opportunities that have emerged from the unique juncture of Turkey's Customs Union with the European
The Greek crisis is a result of an accumulation of dire policy mistakes. It all began when the previous Greek governments decided not to reveal their debts and deficits in order to fulfill the necessary requirements for the membership of the Eurozone. Furthermore, the government consisted of mass tax evasion as well as corruption. In 2009, the newly elected Greek government decided to expose the real debt and deficits’ figures, which brought much speculative waves regarding the economy. At the moment (since 2010) a number of organizations and countries are providing the Greek state with assistance in regards to alleviating their government debt. International organizations, such as the International Monetary Fund and the European Governing body, the European Union, are undergoing a set of policies designed to assist Greece in its debt crisis. One of the main supporters of the Greek economy is German...
In my research project I will be talking about the history of Lithuanian economy and how it had changed since the country became independent and took a place as a member of a European Union. In my work you will be able to see different points of view of being a citizen of the EU and the problems the countries are facing to get this membership.
Turkey’s economy has weathered some spectacular pratfalls in the past, with a major economic crisis in 2001 almost bringing the country to its knees. What’s different in 2004 from the previous "recoveries" is how committed Turkey is to establishing firm economic footing once and for all. The government is swallowing the International Monetary Fund’s painful economic medicine, making tough choices for fiscal discipline.
Amongst the booming economies of Europe, Albania is markedly poor, and is trying to make the difficult transition to a more modern open-market economy. In addition, the government is taking steps to encourage economic growth as well as trade. Albania, according to 2003 estimates, “has a GDP of $16.13 billion, with a per capita GDP of $4,500” (“Albania – CIA Factbook” 2) This is an improvement over the Cold War era, in which Albania’s economy was a complete disaster – still, however, Albania’s economy is considerably weak compared to its European neighbors. The economy is helped by “remittances from people abroad of $400-$600 million annually, mostly from Greece and Italy, and this money helps lower the sizable trade deficit” (“Real Adventures – Albania” 1). Agriculture, which accounts for half of Albania’s GDP, is frequently stifled because of recurring drought and the burden of having to modernize their equipment and trying to make use of sparse land. What also complicates economic matters is that there have been severe energy shortages, and old-fashioned and highly inadequate infrastructure makes it difficult to attract large-scale foreign investment, which accounts for 18.7 % of Albania’s GDP (according to 2003 estimates...
...e on different stages of development. Most of the Black Sea countries are oriented to the high economic development level of the European Union, some (Romania and Bulgaria) have achieved the membership of the union, Turkey is undergoing negotiations and many of the other countries are striving to reach EU-like economic standards.
The Culture of Cyprus Cypriots are very proud of their cultural heritage, which stretches back more than 9000 years. Cyprus has many traditions and customs. Cypriot culture is reflected in the rich folk art of the island. Age-old crafts, handed down from one generation to another, are faithfully carried on to this day by skilful hands and nimble fingers, fashioning handcrafts, both decorative and useful, that would grace any home. It is probably no surprise with a history so long, that Cyprus is remarkably rich in culture.
The Eastern Mediterranean island of Cyprus is the homeland of two distinct peoples: the Turkish Cypriots and Greek Cypriots. Their relationship is not one of a majority and minority, but one of equal partnership. The Turkish Cypriots speak Turkish, are Muslims and share the culture of their motherland, Turkey. The Greek Cypriots, on the other hand, speak Greek, are Orthodox Christians and profess the culture of their motherland Greece. After more than 300 years of Turkish rule, the island came under British influence in 1878, but sovereignty was formally transferred by Turkey to Britain in 1923. British colonial administration continued until 1960 when as a joint bi-communal state, the DRepublic of Cyprus was founded under international treaties, signed by Great Britain, Greece and Turkey, and by the leaders of both the Greek Cypriot and Turkish Cypriot communities in their separate capacities. The 1960 arrangements created a political partnership between the two national communities which would enable them to share power and cooperate in a bi-communal state, with the necessary checks and balances and guarantees. Unfortunately, this political partnership and the internationally sanctioned regime lasted only three years.