TRNC economy shows growth trend
Date Added: 17 May 2024

The World Bank has announced that the economy of the Turkish Republic of Northern Cyprus (TRNC) is expected to grow by 2.7% this year.

This projection was shared in the latest Macroeconomic Monitoring Report, which evaluates the economic performance of the Turkish Cypriot community.

The World Bank’s latest report highlights a significant recovery in Northern Cyprus during 2023, with the real Gross Domestic Product (GDP) slightly surpassing pre-COVID-19 levels.

Notable gains in the labour market were observed last year, with over 9,600 new jobs created. Remarkably, 44% of these positions were filled by women, marking a historic record in female employment.

However, the report also notes that post-pandemic inflation remains significantly high in the TRNC. Despite this, the economic growth rate is anticipated to grow by 2.7% this year.

It identifies strategic investments in green and digital transformations, as well as increased trade and workforce participation through Green Line crossings, as opportunities for sustainable growth.

To enhance economic resilience and competitiveness, the report recommends strong policy responses to address structural challenges.

Key policy recommendations in the report include providing emergency support to the most vulnerable populations, strengthening energy security, advancing disaster risk management, accelerating private sector competitiveness, and investing in human capital to mitigate pandemic-related losses.

These measures are seen as crucial for overcoming existing challenges and ensuring long-term economic stability and growth for the TRNC, the report said.