Georgiades: Populism is a Real Present Danger
15:36 - 21 Οκτωβρίου 2016
Finance Minister Harris Georgiades discussed the challenge of populism in today’s world at the 7thLimassol Economic Forum, which took place at the Four Seasons Hotel on October 21.
According to the Minister, the single most important factor which is currently world threatening is populism. Eurosceptic liberal populism represents a real present danger caused by the extreme right and the extreme left, while protectionism goes against globalisation.
“We should be ready and willing to acknowledge our faults,” stressed Georgiades, and added, “We should be less biased towards pressure groups whose way of thinking is more narrow”.
“I cannot say I am not concerned about what could be seen as a tendency to go back to the unsustainable practices of the past,” he stated. For instance, the public sector cannot spend more than it earns and the public sector payroll should no longer be at a continuous rise.
Georgiades expressed the need to make an effective way to goods, ideas and people for prosperity as well as the need for more inclusive economic policies.
He further made reference to the brexit vote which should act as a wake-up call. “The vote was hijacked by populism,” he said.
“We have come a long way since the crisis in 2013. We expect a growth rate of 3%, unemployment has started to come down, and confidence has been restored. We were only able to do so because we took difficult decisions that cannot and should not be aversed,” clarified Georgiades.
“When we succumb to the pressures of populism, we are nurturing the beast of populism until one day it runs us over,” the Finance Minister pointed out and concluded by saying that “We should never take history for granted.”
About
The Limassol Economic Forum, now in its 7th year, is the biggest conference on European and Global Economics held in the Eastern Mediterranean region. It has become a major platform of debate on political, economic and business issues in Europe and the world. The Forum engages political, academic and business leaders in a wide-ranging discussion that aspires to improve the state of the broader region and contribute to the worldwide economic debate. The Limassol Economic Forum aims to touch upon the main issues and challenges affecting the European and global economic agenda and to come up with reliable forecasts about the economic outlook.
The event is organised by IMH and INBusiness Magazine, in association with the LSE Alumni Association Cyprus and supported by the Cyprus Shipping Chamber and the Cyprus Chamber of Commerce and Industry. It is sponsored by Cyta, Deloitte, Andreas Neocleous & Co LLC and World Trade Center Cyprus. Cocktail Sponsor: Johnnie Walker. Communication Sponsors: Accountancy Cyprus, Gold Magazine, Alpha Cyprus
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