Developing a competitiveness report in Cyprus
The Commission supported the national authorities in their efforts to develop the first competitiveness report for Cyprus and thus get a comprehensive picture of Cyprus' competitiveness and productivity performance.
Continuous policy development as well as monitoring and benchmarking Cyprus’ performance is necessary for steering actions towards a more attractive business environment and a more efficient functioning of the economy. In this context, the Cypriot authorities established the Economy and Competitiveness Council in June 2018, both in response to the Recommendation by the Council of the EU for the creation of national productivity boards, as well as in line with the government’s determination to proceed with a more systematic monitoring, independent analysis and enhancement of policies for the improvement of competitiveness.
The support measures consisted of:
- Assessing the country’s competitiveness performance and its determinants;
- Benchmarking Cyprus against other countries;
- Presenting an in-depth discussion of the ICT services sector as an example of a particularly dynamic sector;
- Identifying key challenges and providing suitable policy actions to tackle them
Cyprus published its first competitiveness report in June 2019. Following the publication of the Competitiveness Report, the Council of Ministers issued a decision asking the competent authorities to report on measures taken or deemed appropriate to be incorporated in their future priorities and strategic planning taking into account the findings and recommendations of the Report. Following the recommendations of the report, the Cypriot authorities decided to develop a long-term economic strategy for sustainable development.