The World Bank said the Turkish Republic of Northern Cyprus (TRNC) economy is expected to grow by 2.7 percent this year.
The bank said in a statement that the "economic performance of the Turkish Cypriot community" was assessed in the latest macroeconomic monitoring report.
The statement noted that the TRNC saw a significant recovery in 2023, with real gross domestic product (GDP) slightly above pre-Covid-19 levels.
The statement said the labor market experienced significant growth last year, with more than 9,600 new jobs created, 44 percent of which were filled by women, setting a historic record for female employment.
The statement said that inflation in the TRNC economy continued to remain significantly high in the post-epidemic period.
GDP growth is estimated to slow to 2.7 percent this year, and it was noted that strategic investments in green and digital transformation, as well as continued increases in Green Line crossings, trade and labor force participation, represent opportunities for sustainable growth .
The statement recommends decisive policy action to overcome structural challenges and thereby improve economic resilience and competitiveness, while key policy recommendations include providing emergency support to the poorest and most vulnerable, strengthening energy security, improving disaster risk management, improving private competitiveness sectors. and investing in human capital to reduce losses due to the epidemic.
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The Turkish Republic of Northern Cyprus has introduced updated regulations for the acquisition of real estate by foreign citizens
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