Further, he identifies the need for a coordinated effort by the government, private sector, and specialized consultants to restore Cyprus’s name and reputation as a leading business center. He discusses potential challenges for the Cypriot economy in 2024, including the impact of the conflict in Gaza, the defamatory press, and the potential adoption at global or EU level of regulatory or tax measures that could diminish the country’s attractiveness for international business and investment. He also underscores the importance of managing and harnessing technological advancements in professional services and predicts further notable industry developments for this year.

Despite concerns about a potential economic slowdown and higher inflation due to geopolitical unrest, Elias remains cautiously optimistic about Cyprus’s economic resilience. He does however highlight the need for fiscal discipline, increased productivity, and ongoing reforms to enhance competitiveness. Additionally, Elias shares some of the ways that the legal profession can simplify and streamline procedures and achieve better outcomes, in particular through the adoption of innovative technology and digitalization.

The full version of Elias’ interview in Greek can be found here.