Cyprus: Drought and Water Scarcity Top Economic Risk

The Cyprus Council on Economy and Competitiveness (SOAK) has identified prolonged drought and water scarcity as the most significant risk to the Cypriot economy. The results of a risk assessment survey were presented at a press conference at the Ministry of Finance.

According to the survey, 91% of the risks to the economy are related to drought and water scarcity. Other significant risks include cyberattacks on critical infrastructure (82%), worsening climatic conditions (80%), lack of specialized personnel (80%), and failure of digital transformation (79%).

The president of SOAK, Dimitris Georgiadis, stated that the discussion on risks is conducted in cooperation with the Ministry of Finance, the Central Bank, and the Fiscal Council. He also emphasized the need to accelerate digital transformation in Cyprus.