The Northern Cyprus Young Business People Association (GİAD) has expressed its concern over the recent hike in electricity prices, Kibris Postasi reported.
In a written statement, GİAD emphasised that ongoing price increases are deepening the country’s economic challenges and placing significant strain on both businesses and consumers. The statement stressed that employers and small business owners are struggling to manage rising costs and condemned the government’s policies, which are making market conditions even more difficult.
The statement further highlighted that the recent disproportionate increase in the minimum wage has placed a heavy burden on employers. It noted that many small and medium-sized enterprises are finding it increasingly difficult to meet their obligations, such as salaries, insurance, and fees, and that the added pressure of higher electricity costs threatens their survival. The statement also pointed to the country’s budget deficit, attributing it to poor management and irresponsible spending, while warning that the continual rise in basic service costs, like electricity, is unsustainable.
It concluded by stating that North Cyprus’s economic growth potential can only be realised through a management approach that is efficient, merit-based, transparent, and accountable.