House President: Economic models must be able to adapt

House President: Economic models must be able to adapt

The current economic crisis has proved that economic models must be able to adapt and change constantly, House President Yiannakis Omirou has stressed during the 10th Conference of Presidents of Parliament of the Small States of Europe.

According to an official press release, speaking during the discussion on maintaining and developing economic resilience in a changing world, Omirou referred to Cyprus` example, noting that both today`s economic crisis and the 1974 Turkish invasion hit the economy harshly. He elaborated on the repercussions of the invasion and the continuing occupation of Cyprus` northern third as well as on the measures taken to address them.

He stressed that the impressive results of the measures implemented were achieved due to government policy as well as the dynamic private sector, which seized the opportunities in the broader economic environment, such as the emerging Arab markets.

Omirou also referred to the flexibility which small states enjoy that allows speedy adjustment to changing circumstances, stressing that the bigger states must not see this ability in a competitive way.

Referring to Cyprus` economic situation, he noted that the current reforms allow for optimism as regards the country`s full economic recovery. He referred to the effort to promote Cyprus as a hub in the Eastern Mediterranean in the fields of economy, health, energy and business, as well as to exploit the natural gas resources discovered in Cyprus` EEZ.