The government is determined to take all the necessary actions to restore confidence in the Cyprus economy, Minister of Finance Charilaos Stavrakis said, addressing the Annual General Meeting of the Cyprus International Business Association (CIBA).

Stavrakis said that the recent world economic crisis has undoubtedly affected the Cyprus economy, which for the first time since the Turkish invasion in 1974 displayed a negative growth rate of 1.7% in 2009.

In 2010 the Cypriot economy entered a phase of gradual recovery, with a rate of growth of 1%, and an improvement in the public finances as reflected in the containment of the fiscal deficit to 5.3% of GDP, he noted.

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