IN Business opened 2023 by interviewing several prominent Cyprus leaders, including Managing Partner, Elias Neocleous, concerning their forecasts for 2023.
Elias expressed the view that he was cautiously optimistic that the Cyprus economy would achieve a new equilibrium in 2023. He noted that the dramatic shocks experienced in 2022 had now been factored into the economy and further shocks of the same scale were unlikely to occur in 2023. He also believed that recent figures indicated that the impact on the financial services sector of the war in Ukraine and the associated sanctions on Russia had been much less severe than feared. This was especially true in the legal sector where major firms such as our own had been exploring other markets including the EU for many years.
Moving into 2023 he expressed the view that, in line with government aspirations and actions, the economy, including the legal sector, would benefit by attracting international businesses in sectors such as high tech, shipping and medical services to the island. He believes that Cyprus continues to mature as an attractive base for such companies. Finally, he noted the importance of the rise of innovative technology and the risks associated with it. Both are areas of potential growth for legal firms which harness the requisite expertise.
The full interview may be accessed (Greek language) here.