The Central Bank of Cyprus predicts that the holiday island’s tourism will go back to record year 2019’s figures in 2024 because of the war I Ukraine and sanctions imposed on Russia. As well as because of the economic repercussions from the coronavirus pandemic.
Cyprus welcomed 3.976 million tourists in 2019, Philenews also reported on Monday citing CBC’s June Economic Bulletin.
The challenges of the tourism sector are particularly big in 2022, the Bulletin noted.
“However, a better performance than last year is expected, with a gradual recovery and with tourism returning to the levels of 2019 in 2024”.
It added: “In efforts to strengthen the sector a significant boost is provided by government support measures that include incentives for domestic tourism.
“The measures were extended until July 2022 after they proved to have contributed positively in 2021 and mitigated, to some extent, losses in the hotel industry,” it added.