Cyprus’ economy may be resilient enough to withstand the fallout from the conflict between Israel and Hamas but the dangers are there and constantly monitored, Philenews reported on Thursday.
Insiders said a note recently sent to President Nikos Christodoulides from Finance Minister Makis Keravnos focuses on the specific sectors that could be shaken by the regional crisis.
Specifically, the note refers to Nicosia’s relations with Jerusalem saying these have affected Cyprus more in terms of political developments and gas and oil issues.
It also highlighted that sectors such as tourism, export and import of goods, export and import of services, real estate, energy/oil are or may be affected – negatively or positively – by the bleak developments.
In the tourism sector, it is expected that there will be a negative impact on Cyprus considering the number of tourists from Israel which was increasing daily – up until now.
This year, Israel was the second country with tourists to Cyprus following the UK.
But with the ongoing war stretching for a long time and the Israeli economy being affected negatively it is believed that the impact on Cyprus tourism in the period 2023-2024 will be negative.
An impact is expected to also be recorded in other sectors – such as real estate for example – which could take either direction.