- Sector should remain vigilant and creative in designing tailored upgraded e-services for their clients without compromising on the quality.
- One major professional catalyst that cannot be ignored is technology.
- It disrupts the way in which services are offered to our clients. We have all experienced how the pandemic forcibly accelerated businesses’ digital transformation.
- The sector, which demonstrated high resilience levels to the previous financial crisis, is expected to rebound once again, adapting quickly to the emerging circumstances.
- In recent years, the sector has been restructured to meet the changing needs of businesses, investors and society.
According to a recent news article published in Khaleej Times, written by Christos Vasiliou, “Business as usual” is expected to return gradually, after the wide usage of the vaccine in the society. Christos Vasiliou is the Managing Director of KPMG in Cyprus.
Cyprus in the making of a robust professional services centre
For Cyprus to become a robust professional services centre, we need to secure its advantages and work towards adapting the services provided to investors and businesses. Simultaneously offering the right incentives to international businesses to consider headquartering on the island.
At the same time, we should be looking at expanding other sectors of the economy, as well as adjusting to the new business environment, by acquiring the necessary skills and by developing new ideas.
I have said before and I want to repeat here that our economic model has changed dramatically over the past few years and we should all concentrate on supporting its transformation.
Economy today and predictions for 2021
It is anticipated that GDP will contract by four to five per cent this year, due to the pandemic and the slowdown of the economy. Certainly, the economic outlook has become more negative compared to the beginning of the year.
A “long U-shaped” recovery is the most likely scenario (recovery in three to five quarters). The year 2021 will be another challenging year for the economy, which is expected to show growth between four to five per cent.
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Source: Khaleej Times
