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Positive comments for the Cyprus economy

26/11/2002 17:11
Cyprus is ranked 22nd in the world in terms of economy's macroeconomic stability, says the latest issue of "The Wall Street Journal, Index of Economic Freedom" magazine that proceeded to estimates, prospects and other data of macroeconomic stability for several countries in the world.

The Finance Ministry is particularly satisfied with regard to the aforementioned estimates, stressing that the scoring of State - interventionism for Cyprus is "not satisfactory". The liberalization, however, of Cyprus economy progresses at a quick pace, while the application of tax reform has already modernized the taxation system of individuals and legal persons. "The positive comments of the magazine are in accordance with IMF's and Moodys' reports", the Ministry said.

According to magazine's data, Cyprus' score in terms of banking and financial activities, its level of salaries and prices, the guaranteeing of personal property right and the legislation over the international companies' activities and against financial crime is fairly satisfactory.