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PwC hosts live webcast on the impact of COVID-19 and the day after

21/05/2020 14:06

The challenges faced by Cypriot businesses and the wider economy, as a result of the COVID-19 pandemic, as well as the measures that the State and businesses could promote in order to achieve recovery were at the focus of PwC’s live webcast entitled “COVID-19 Impact and the day after: Restart & Beyond” organised on Wednesday, 20 May 2020 and attended by almost200 participants.

During the webcast, PwC’s leading executives presented the economic impact of COVID-19 on almost 20 sectors of the Cypriot economy, suggestions on the way forward as well as PwC’s CFO survey on the impact of the pandemic on business and the wider economy.

The effects and challenges created by the pandemic were recorded in the organisation's recently published report entitled "COVID-19: Impact of the pandemic on the Cyprus Economy", which includes an analysis based on different scenarios. The "Restart Cyprus" report, which is an extensive analysis of PwC's recommendations on the various measures that the State and businesses could promote in the period of time in order to achieve recovery was also presented. These suggestions focus on three main areas: economy and finance, society and health.

During the discussion, in which participants had the opportunity to submit their questions live, the views of CFOs in Cyprus were also presented, as they were recorded in the two survey rounds conducted by PwC in April and May. According to the results of the second survey round, 83% expect a decrease in their company's revenue and / or profits this year. However, CFOs are confident in the ability of their organisations to meet customers’ safety expectations, provide a safe working environment as well as identify new revenue opportunities.

In statements, PwC Cyprus CEO, Mr EvgeniosEvgeniou noted that "Since the beginning of the crisis, we have been next to our clients and the entire business community by launching new services, producing rich informative material as well as conducting special studies. Our goal is to provide useful tools that will support the State, the various bodies and Cypriot businesses to collectively address the challenges and take advantage of new opportunities in order to prepare for the day after".

A recording of the webcast is available for playback on PwC’s website www.pwc.com.cy/restart-and-beyond.