According to the World Bank report, the Turkish Cypriot Economy recovered stronger than expected in 2023. The report stated that in 2023, a historical peak was recorded in women’s employment.
According to the report, the economic recovery was supported by transit and trade, which is the movement of people and goods, through the Green Line, and reached record levels. However, it was reported that despite the progress, the Green Line trade is well below its potential and action is needed to overcome the long-standing bottleneck.
The report stated that the cost of living crisis continues due to the continuing depreciation of TL and high inflation. It was also reported that food inflation has reached the highest point among European economies.
The World Bank predicts that GDP growth will slow down to 2.7% in 2024, reflecting both internal fragilities and external factors.
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