The Cyprus business world is on edge and full alert regarding the effects of the war in the Middle East, which has been going on for over a month.
In this context, the Cyprus Employers & Industrialists Federation (OEB) is anticipated to meet with the Minister of Finance Makis Keravnos within the framework of the regular meeting of the members of the Federation's Board of Directors, during which the conditions and prospects of the Cypriot economy in relation to the war in the Middle East will be analysed.
According to the schedule, the meeting will take place at 4.15 pm, at the Head Offices of the Bank of Cyprus.
Speaking to InBusinessNews, the Director General of OEB, Michalis Antoniou, explained that during the meeting, there will be an exchange of information regarding the situation as it is developing in the shadow of the conflict in the Middle East.
"The Minister of Finance will essentially inform us about his assessments, his forecasts, the analyses of his staff, as well as how he feels and sees things. Conversely, we will inform the Minister about how businesses are experiencing the real economy, the data as it is being formed. We will also analyse and discuss, with Mr. Keravnos, our own assessments by sector of the economy," he added.
According to Antoniou, "it will truly be a very useful and, I believe, timely discussion, mutual information and exchange of opinions and assessments, and we will discuss what we can do together to best address the challenges and problems created by the ongoing conflict in the Middle East."
Asked whether there will be a discussion regarding the government measures announced last week, Antoniou replied in the affirmative. “The discussion will focus mainly on the challenges and problems, which is the main reason we requested the meeting with the Minister of Finance, but it is not excluded that there will also be a discussion on the support measures,” he pointed out.
Asked to comment on the situation, as it is taking shape in the shadow of the war, the Director General of OEB stressed that it is certainly a difficult situation.
"Things, due to the fact that there is no apparent way out of the war activities, are becoming more complicated, are very difficult and unfortunately have a direct reflection on the economic implications," he added.
Because, he continued, the Cypriot economy is based to a large extent on consumption, the negative psychology, which worsens as the war continues, can affect consumption and, by extension, economic growth.
"We remain calm and have reason to be optimistic that once the military operations are over, we will do everything to return and cover any lost ground that has been lost by that time," Antoniou stressed, concluding by noting that "the situation certainly concerns us, due to the fact that there is no realistic exit from the military operations in sight."
(Source: InBusinessNews)
