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Real Activity Growth In Cyprus Projected To Gather Momentum

Cyprus is poised for a significant economic upswing, with projections indicating a robust acceleration in real activity growth. This optimistic forecast is detailed in a recent report by the Central Bank of Cyprus (CBC), which underscores the nation’s economic resilience and potential for future expansion.

According to the CBC, real activity growth in Cyprus is expected to gain substantial momentum, driven by a confluence of favourable factors. These include a strong performance in key sectors such as tourism, construction, and professional services, coupled with strategic governmental policies aimed at fostering economic stability and growth.

The tourism sector, a cornerstone of the Cypriot economy, has demonstrated remarkable resilience and recovery post-pandemic. The influx of tourists, particularly from Europe and the Middle East, has bolstered the sector, leading to increased revenue and job creation. This resurgence is expected to continue, supported by ongoing investments in infrastructure and marketing initiatives aimed at enhancing Cyprus’s appeal as a premier tourist destination.

In the construction sector, significant projects, both private and public, are set to drive growth. The development of residential and commercial properties, alongside infrastructure projects such as road networks and utility upgrades, is anticipated to stimulate economic activity. Additionally, the government’s focus on sustainable development and green building practices is likely to attract further investment and innovation in this sector.

Professional services, including finance, legal, and consulting, remain a critical component of Cyprus’s economic landscape. The island’s favourable business environment, strategic location, and robust regulatory framework have positioned it as a hub for international business. The continued growth of this sector is expected to contribute significantly to the overall economic momentum.

The CBC report also highlights the positive impact of governmental policies on economic growth. Measures such as fiscal consolidation, structural reforms, and investment in digital transformation have enhanced economic resilience and competitiveness. These policies have not only stabilized the economy but also created a conducive environment for sustainable growth.

Governor Constantinos Herodotou of the Central Bank of Cyprus expressed confidence in the country’s economic prospects, stating, “The projected growth in real activity is a testament to the resilience and dynamism of the Cypriot economy. Our strategic policies and the robust performance of key sectors are driving this positive outlook. We remain committed to fostering an environment that supports sustainable economic growth and development.”However, the report also cautions against potential risks that could temper this optimistic outlook. External factors such as geopolitical tensions, global economic slowdowns, and fluctuating energy prices could pose challenges. Domestically, issues such as labour market mismatches and the need for continued structural reforms must be addressed to ensure sustained growth.

Donatella Versace Steps Down After 30 Years At The Helm of Fashion Empire

After nearly three decades steering the iconic Versace brand, Donatella Versace is stepping down from her role as head of the fashion house. The 69-year-old Italian designer, who inherited the reins from her late brother, Gianni, following his tragic murder in 1997, will remain with the company as its Chief Brand Ambassador. She is set to pass the creative torch to Dario Vitale, the former design and image director of Miu Miu, who will take on the position of Chief Creative Officer.

In her Instagram announcement, Donatella shared her thoughts: “Championing the next generation of designers has always been important to me,” she wrote, expressing her excitement for Vitale’s appointment. “I am thrilled that Dario Vitale will be joining us, and I am eager to see Versace through new eyes.”

While her new role shifts focus, Donatella’s deep connection to Versace remains unchanged. “Versace is in my DNA and always in my heart,” she declared. Donatella’s stewardship has firmly cemented the brand as a staple in the luxury fashion industry, with designs worn by global superstars like Dua Lipa, Angelina Jolie, and Sabrina Carpenter.

In a heartfelt reflection, Donatella expressed her gratitude: “It has been the greatest honour of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity.” Despite her transition, she reaffirmed her commitment to the brand’s future, adding: “I will remain Versace’s most passionate supporter.”

The announcement was met with a wave of tributes from the fashion world. Celebrities like actor Damian Hurley, singer Sabrina Carpenter, and model Iris Law shared their admiration for the designer’s contribution to the industry. “We love you forever,” Hurley commented, while Carpenter called her “one and only,” and Law posted, “Love you so much.”

This shake-up in leadership comes as speculation mounts that Prada Group may be eyeing a potential acquisition of Versace from its current owner, Capri Holdings, which purchased the luxury brand for €2 billion in 2018. As Donatella steps into her new role, the future of Versace remains closely watched by both fans and industry insiders.

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