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Structural Weaknesses in the Economy of Cyprus: How Do We Score Relative to the EU15?

Author

Listed:
  • Louis N. Christofides

    (Department of Economics and Economics Research Centre, University of Cyprus)

  • Maria Michael

    (Economics Research Centre, University of Cyprus)

Abstract

Structural reforms for promoting economic growth and improving labour market conditions are some of the main targets of the Lisbon strategy. This paper examines how Cyprus compares with the EU on a number of structural indicators which are related to the Lisbon strategy. The results for Cyprus are divided into three parts. The first part investigates the sources of GDP per capita and GDP growth using a growth accounting exercise. The second part analyses performance in 20 policy areas related to: (i) Labour market, (ii) Product and capital market regulations, (iii) Innovation and knowledge and (iv) Macroeconomy. Finally, the third part determines priorities among policy areas, relating underperformance in the first two parts based on the literature. The study aims to evaluate the results for Cyprus, providing policy recommendations when possible.

Suggested Citation

  • Louis N. Christofides & Maria Michael, 2010. "Structural Weaknesses in the Economy of Cyprus: How Do We Score Relative to the EU15?," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 4(2), pages 43-71, December.
    • Handle: RePEc:erc:cypepr:v:4:y:2010:i:2:p:43-71
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    References listed on IDEAS

    as
    1. Gilles Mourre, 2009. "What explains the differences in income and labour utilisation and drives labour and economic growth in Europe? A GDP accounting perspective," European Economy - Economic Papers 2008 - 2015 354, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. International Monetary Fund, 2010. "Cyprus: Selected Issues," IMF Staff Country Reports 2010/289, International Monetary Fund.
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