The hydrocarbons in the Exclusive Economic Zone of Cyprus raise hopes for a recovery of the island’s economy in the next two or three years, Cypriot Nobel-Prize winner, Christoforos Pissarides stated.

Mr. Pissarides recommended caution in the way of exploiting the natural wealth of Cyprus. “Many other countries have identified natural gas and oil reserves but failed to use them to the benefit of the economy, going backwards”, he said.

“If natural gas deposits are exploited properly, economy may flourish”, he added.

Within the framework of a honourary event to the Nobel-Prize winner in Parliament, Mr. Pissarides stressed that the Parliament has an important role to play in natural gas.

In relation to the economy, Mr. Pissarides noted that people go through difficult days. “In order to tackle unemployment, global economy must recover”.

“Recovery demands efforts. The European economy is in dire straits and no solution to deal with the problems has been found”, he said.

Finally, Mr. Pissarides thanked the House President and its members for their honour.

On the other hand, House President, Yiannakis Omirou said that Mr. Pissarides entered Cyprus in the world scientific map.

“In a difficult period during which the ever rising unemployment plagues the society and especially young graduates, at a time when long-term unemployed citizens are increasing, the economic model that Mr. Pissarides developed and analyzed in his textbooks for combating unemployment by combining the number of unemployed, job vacancies and the degree of demand and supply, can be helpful”, he stated.

“We have to implement appropriate solutions to overcome the crisis”, Mr. Omirou concluded.