Dissertation: Global Economic Crisis and Cyprus Unemployment Analysis

This dissertation investigates the impact of the global economic crisis on unemployment in Cyprus. The research begins with an introduction outlining the background, aims, objectives, research rationale, and dissertation structure. A comprehensive literature review examines existing research on the global economic crisis and its effects. The methodology section details the use of an interpretivism research philosophy and an inductive approach, utilizing secondary data and content analysis. Findings reveal the significant impact of the global economic crisis on Cyprus's unemployment rates. The conclusion and recommendations chapter summarizes the research, offering strategies to mitigate unemployment during economic crises. The study explores the causes of economic crises, features of crisis phenomena, and potential solutions for Cyprus, considering the labor market response to the crisis.

Running head: DISSERTATION
Global economic crisis and its effect on Cyprus unemployment

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Abstract
The main aim of this research is to analyze global economic crisis and its effect on Cyprus
unemployment. This research considers a different chapter for completing the aim and objectives
of research. In addition, introduction chapter considers background of research, aim and
objectives, research rationale, hypothesis, as well as, dissertation structure. Second chapter is a
literature review that critically evaluates the existing literature about the global economic crisis
and its effect on Cyprus unemployment. Furthermore, research methodology illustrated that
interpretivism research philosophy is selected as it aids to gather the real phenomenon regarding
research concern. Along with this, it is evaluated that the inductive approach is chosen for this
investigation as it helps to develop a theoretical understanding of the research phenomenon.
This research also demonstrated that secondary data collection method is applied to pool the
already current data related to global economic crisis and its effect on Cyprus unemployment. It
also discussed that content data analysis is used for analyzing the data through content. Chapter
fourth defines the findings of research report. It founds that global economic crisis has an impact
on Cyprus unemployment. The fifth chapter is the conclusion and recommendations that
conclude research report on basis of findings as well as, recommend the strategy to avoid
unemployment during an economic crisis.

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Table of Contents
Abstract.......................................................................................................................................................2
Chapter 1: Introduction................................................................................................................................4
Chapter 2: Literature review........................................................................................................................8
Chapter 3: Research methodology.............................................................................................................14
Chapter 4: Findings with Discussion of Data............................................................................................20
Chapter 5: Conclusion and recommendations............................................................................................28
Recommendations.................................................................................................................................31
References.................................................................................................................................................37

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Chapter 1: Introduction
Background of research
In the recent era, global economics is the key problem that is faced by society. After 2008, there
was requisite of identifying the reasons for the national economic crisis as well as creations of
the method’s economy by the crisis as well as methods of the economy from the crisis state.
Recently, unemployment is being a major concern for Cyprus. The national economic crisis
inappropriately has not existed in Cyprus. It could direct effect on the life of bubble
(Hardouvelis, and Gkionis, 2016). From the perspective of Cyprus, it is founded that the
international crisis has begun in the mid of 2008 that did not directly consider the banking sector.
The crisis occurred in Cyprus has declined the international demand, particularly for tourist
services as well as, for winter or holiday homes. In addition to this, initial shocks in construction
and tourism sector spread to other fields of the economy as well as, unemployment have
increased at the higher extent (Della Porta, et. al., 2016).
The government has moved carefully in boundaries of European economic recovery plan by
making efforts for stimulating the sector that was poorly impacted such as construction and
tourism, by temporary measures and by focusing on general infrastructural projects. It has also
increased the liquidity in the context of the banking sector. It also sought for influencing the
market psychology favourably (Boot, Wilson, and Wolff, 2016).
Cyprus felt effect of international financial crisis, but, at lower extent as compared to other
member state economies of the European Union. In month of October, global credit crisis was
escalated effectively and the Cyprus Stock Exchange suffered higher losses since 1999. In such
time, the Cypriot President has noted that the international financial crisis is required fast as well
as, coordinated action through all states. In return to Cyprus, it is stated that the Cypriot economy
is not substantially influenced through crisis whereas banking system of the nation still well-built
stand (Orphanides, 2016).
It is also perceived that the Cypriot economy would inevitably be influenced by global financial
crisis. However, because of its robust foundation, it would be competent to easier the crisis as
compared to other states. For overcoming the effect of financial crisis, Cypriot government can
consider the drafted guidelines at EU level at the time of high-level discussion among European
commission, European central banks, and highly affected states like Germany, France, and

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United Kingdom. The ministries of commerce and finance, other financial bodies, and the central
bank of Cyprus have considered the committee on European affairs (Economou, et. al., 2018).
It is also associated with the House of Representatives on negotiations required for revising the
current legislation as per the revised EU authority. It is used for reinforcing the stability about
the financial system, the deduction of exposure regarding credit institutions to risk as well as,
enhancement regarding bank oversight that deals in over one EU member states. It is a serious
issue of the international financial crisis and hence the ‘House of Representatives’ would
continue to get aware of it. Since, it would be competent for further refinement of legislation and
derived via EU directives (Petrou, and Talias, 2016).
Within the labour market level, the key trend at turn of century was slow however stable
corrosion regarding trade union power as well as, collective bargaining in the private sector.
There is also development in peripheral employees but sometimes, it is excluded through rights
and benefits, which derives through collective agreements (Giannakis, and Mamuneas, 2018).
Unemployment remains moderately low via the first decade of 21st century as well as, number of
immigrant employees is continued for enlarging. However, there is a high degree related to
irregular employment. It improved the segmentation for labour forces as a whole and also there
is fragmentation related to employees at the organizational level (Dietrich and Möller, 2016).
Moreover, women, immigrants, and youth have emphasized on low-paid as well as, a precarious
segment about labour forces, distanced through circumstances and choices through trade unions
and excluded through usual employment. In addition, temporary and underemployment
employment in specific had been on increase from before starting the economic crisis, thrashing
tremendously young and new entrants into the labour market (Eliophotou Menon and
Athanasoula-Reppa, 2017).
Research aim and objectives
The subject of research work is related to domestic labour market. The objective of research
work is the reaction of labour market related to the Republic of Cyprus on a global economic
crisis.
The goal is to resolve the following objectives:
- Studying the causes of economic crises in economy;
- Consideration of features of crisis phenomena in economy of Russia and foreign countries;
- Consideration of the main ways of Cyprus exit from the crisis state.

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- Consider concepts such as market, domestic market, domestic labour market concept;
- To analyze the labour market of the Republic of Cyprus;
- Consider the labour market response to the crisis.
Hypothesis:
The crisis indicates the real state regarding the things that currently were oriented with respect to
persistence in longer-term of economic boom and commodity boom in specific. The crisis
provides a rise of impulses related to mobilization. It also reveals the requirement for social,
political as well as, economic modernization.
Research rationale
This research is beneficial for an academician to understand the causes of economic crises in the
economy. It would be also significant for practitioners regarding the features of crisis
phenomenon in the Russian economy and foreign nations. It is also advantageous for
comprehending the main ways of Cyprus exit from the crisis state. This research is significant for
considering the concepts like domestic market, market as well as, domestic labour market
concept. It is also advantageous for assessing the labour market regarding the republic of Cyprus.
This research is beneficial for considering the labour market responses about the crisis (Menon,
Argyropoulou, and Stylianou, 2018).
Dissertation structure
For completion of this investigation in systematic way, the below research structure is followed
in this research study:
Introduction:
It is initial section of the investigation that employs many sections such as the research
background, research topic, research aim and objectives, research questions, as well as research
significance. It could be vital for making a healthy atmosphere that is associated with the
research matter. In addition, this section offers depth information towards research limitations
which would be effective in meeting the goal of research concern. The data of this section is
imperative for a scholar to identify study direction as well as exploring the problems of study
effectively (Crescenzi, Luca, and Milio, 2016).
Literature Review:
The section of the study is associated with the literature review that is performed for exploring
research matter with implying varieties associated with theories. Through this section, the

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scholar facilitates the evaluation of existing knowledge that is related to the research background.
It would also identify the data that has been explored until the specified period (Ioannou and
Sonan, 2017). In this, articles, as well as academic articles, are studied that also support in
creating the conceptual knowledge towards research issue. It is imperative for researcher to
create a base in choosing primary research tools (Dotti Sani, and Magistro, 2016).
Research Methodology:
In the research methodology, the investigator discussed different tools to meet the research
effectively as well as ethical ways. There are certain tools that are considered many research
tools named as research approaches, strategies, research designs, information-gathering tools,
sampling tools, information evaluation tools that could ensure the reliability as well as the
validity of the research result. In this, different research tools are practiced to meet research
objectives and resolve the concern (Botrić, and Tomić, 2018).
Data Analysis and Findings:
This section is beneficial in evaluating data and supports research matter. This data analysis
section could be imperative in evaluating the gathered information. This section could offer an
opportunity to the investigator with respect to evaluate the gathered information and evaluating
against each research objectives (Perles-Ribes, et. al., 2016). Through this way, it supports the
investigator to manage and evaluate the relevant data evaluation tool. From the application of
this method, the research scholar facilitates to represent the information in an effective manner
with respect to creating a reliable result (Magone, Laffan, and Schweiger, 2016).
Conclusion and Recommendation:
This is section that is entailed by research scholar to summarize the overall study on behalf of
findings. This section could make a link between the research objectives as well as research
objectives to create a valid and reliable summary. Apart from this, it suggests a certain
recommendation that is associated with the global economic crisis and its effect on Cyprus
unemployment. In last, his section is imperative for discussing practical implications in directing
the future investigators in their studies (Maruthappu, et. al., 2015).

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Chapter 2: Literature review
Causes of economic crises in the economy
As per the view of Abebe Tøge and Dahl (2016), the key cause of economic crises in the
economy was high employment rates. Due to this, banks have more prospected for lending to
businesses and consumer at the affordable rates as well as, generous repayment terms. While an
economy starts to grow in banks, contracts as well as, other lending institutions with shortening
lending strategies then, it could be complex for borrowing in the context of housing purchasing
and initiating or expanding a business. In addition, liberal lending approaches can be effective in
economic crisis while borrowers cannot have enough money for considering loan terms in
economic contracts. Under the year of 2008 economic crisis, liberal advancing in United States
mortgage market addresses that different homeowners are in concerns while interest rates of their
teaser are finished as well as, rates are adjusted. Along with this, different individuals can longer
afford for buying their homes as well as, shot up the foreclosures and boosting the confidence
related to the whole economy of the United States.
In opposed to this, Baycan and Ozen (2018) evaluated that a stock market bubble creates in the
strong economy while demand for equity investment increases and stock prices are also
determined higher as compared to dictating the valuation of objectives. The stock prices
generally cannot provide assistance and the whole market corrects back to affordable valuation
due to no feasible assets to back the supercilious rates. While, it creates in across the wider
range of stocks, then investors extract money from an uncertain environment that may disrupt
them further. Together with, in cycle period, confidence would slowly return once a shareholder
believes that shares have hit their minimum possible point.
As per the view of Gontkovičová Mihalčová and Pružinský (2015), the high unemployment level
could consequence of an economic crisis in action or could be one of the causes for it. An
economic crisis could create while interest rates are high, constricted lending as well as,
declining consumer spending outcomes in the corporation may let go of workforces to endure the
economic downturn. It may shift the offensive descending spiral because unemployed consumers
do not occupy freely, impacting companies further as well as, leading towards more layoffs. In
addition to this, gaining unemployment could be found while corporations outsource the tasks to
other nations. These kinds of unemployment could be more enduring in nature as well as, could
lead to longer-term economic variability.

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Features of crisis phenomena in the economy of Russia and foreign countries
According to Katsourides (2016), the currency crisis of Russia may burst onto the scene under
2014 till mid of 2015. It has several consequences related to the domestic economy. The initial
quarter indicates the sharp weakening the investment practices, declining sales in the automotive
industry as well as, the housing market, inflation in products and services environment as well
as, deflation in the asset market. Moreover, unemployment is increasing via largely latent
because of part-time employees as well as, unpaid leave and serious diminishing international
economic relations i.e. one-third of international trade turnover.
In opposed to this, Gupta Habjan and Tutek (2016) evaluated that new phenomenon related to
zero years was rapid growth in several kinds of household lending. It was, however, highly
emphasized on funding related to personal consumption as well as, non-productive household
investments. Another funding is auto loans, purchasing durable products by using credit cards
and mortgages can contribute to the expansion of spending and demands of consumers in
economy. The credit boom can stimulate growth for asset rates, real estate, as well as, the later
mainly in major cities.
According to Saltkjel et al. (2017), lack of self-assurance in Russian economy can originate from
two main sources. Moreover, initial cause of the economic crisis in Russian economy is the
declining price of oil in the year 2014. Furthermore, crude oil is key export of Russia but the
price is turn down by about 50% among its yearly elevated in month of June 2014 together with,
16 December 2014. Another cause is outcome of global economic permits that are imposed on
Russia by annexation of Russia as well as, the intervention of the Russian military in Ukraine.
On the other hand, Polyakova and Fligstein (2016) evaluated that throughout history, the world
economy, inappropriately, has practiced complex time for recession or depression during which,
economic practices were marked through unemployment, financial markets, other imbalances,
stock exchanges, and contraction of monetary markets. Since, the early 1970s, economic
assessment of facts showed some variation in commodity prices, stock exchanges, higher
frequency, exchange rates as well as, increase severity related to financial crises.
As per the view of Reibling et al. (2017), in the mid-1980s, Finland, Japan, Sweden, and
Northway faces theoretical bubble in the housing market as well as, stock market. In the early
1990s, it happens in some nations such as Indonesia, Malaysia, and Thailand. Under 1993, prices
of sales in each of these nations are gained by about 100%. In early 2000, it has created a

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potential bubble in information technology that is an alias as dot.com crisis, short and less
forceful crisis. The existing crisis was started with the cheap housing loan provided by banks.
Along with this, banks offer loans however, rather than holding credit in their books; they
enclosed them into CDOs (collateralized debt obligations) as well as, traded them to other
agencies. In addition to this, these agencies approved them to others as well as, reach with them
internationally as resources.
Main ways of Cyprus exit from the crisis state
As per the view of Sassen (2018), Cypriots were aware of the serious concern that economy had
been facing as well as, inevitable bailout agreement is turned into bail but it is going to be
serious. There was willingness for identifying these issues fundamentally. Along with this, fiscal
rationalization had significantly initiated in the month of December 2012. New government has
taken over in the year of 2013 and it has started to push further. In addition, political climate was
that an individual was prepared for shifting the gradual paradigm. In such efforts, the new
government and Cyprus government had predicted the solidarity of Euro-group and above all of
Berlin.
In opposed to this, Bilgili et al. (2017) evaluated that with the initiation of execution of Troika
philosophy. Cyprus has penetrated into depression. In spite of deduction in prices, the buying
power of wages would be declined because salary cuts would be higher. Inappropriately, there
would be many unemployed employees who have zero wage purchasing power. Furthermore,
interest rates would be declined as well as, gradually shift in line in terms of one’s current in
northern euro-area nations.
As per the opinion of Tang and Bethencourt (2017), memorandum emphasizes on draconian
severity such as increasing taxes, declining benefits, and wages. There would be an unfavourable
effect on economic practice. It would also lead to higher unemployment as well as, rate of
immigration, particularly between young alumnae is expected for increasing. In addition, the
implication would be devastating.
Consider concepts such as market, domestic market, and domestic labour market concept
As per the opinion of Neocleous and Apostolou (2018), a market is one of the different types of
institutions, social relations, processes as well as, infrastructures in which, parties are engaged in
the exchange. When parties are engaged in exchanging the products and services through barter,
then most markets is relied on seller offering their products or services in exchange for money

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through purchasers. It can be stated that a market is a procedure through which prices of products
and services could be developed. Markets provide trade as well as, make competent the
distribution along with, resource allocation within society.
In opposed to this, Campos-Soria et al. (2015) evaluated that markets permit any tradable
products to be priced as well as evaluated. A market may create more or less instinctively or
could be developed deliberately through human interaction for making competent the exchange
of rights for products and services. Moreover, markets generally dispose of the talent economies
as well as, held in position via customs and rules like competitive pricing, booth fee, as well as,
sources of products for sale like local produce or registration of stock.
According to Doudaki Boubouka and Tzalavras (2019), the domestic market is a market within
own border of nation and trading is intended at a single atmosphere. Under such markets,
companies face a similar set of political, economic, social, as well as, technological concerns.
Moreover, the domestic market involves only a set of consumers as well as, companies deals
with the same. Corporations in the domestic market are commonly offered with tax credits for
the generation of employment as well as, the government of a nation is making efforts to its best
level to discuss domestic companies for making free trade agreements with foreign nations by
avoiding the barriers i.e. regulations.
In contrast to this, Giannakis and Bruggeman (2017) stated that a labour market is an
environment in which, employees and consumers deal with each-other. Under the labour market,
employers compete for recruiting the best and employees to strive to get the best satisfying task.
A labour market focuses on economy functions as well as, demand and supply of labour. Under
this market, the demand for labour is related to company demand for labour supply of
employees. Furthermore, demand and supply of labour in the market could be persuaded through
transformations in bargaining power.
Labour market of the Republic of Cyprus
According to Parmar Stavropoulou and Ioannidis (2016), impact of global economic decline is
first demonstrated in Cypriot labour market in late 2008 as well as, carries on this day. There is a
continuing decline in economic practices that led to avoid different jobs which are resulting in a
continuous gain in unemployment as well as, continuous decline in employment. Since the year
of 2015, the economy has started to recover with enhancements to main financial indicators. In
the year of 2018, and including February 2019, according to the information obtainable through

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the labour force survey, it was assessed that all indicators have enhanced as well as, the labour
market is gradually recovering.
In opposed to this, Dickmann Brewster and Sparrow (2016) evaluated that unemployment is
Cyprus is 7.1% that demonstrates 2.3% decline as compared to the previous year that was 9.4%
as per the latest preliminary information. As per current labour force survey information, in the
year of 2018, the unemployment rate stood at 8.4% and also demonstrating declining 2.7% as
compared to 2017 while the unemployment rate increased at 11.1%. The average unemployment
rate is 11.1% in the year of 2017 as compared to 12.9% in the year of 2016, 14.9% in the year of
2015, 16.1% in the year of 2014 as well as, 15.9% in the year of 2013.
According to Strüver (2018), the unemployment rate related to young people who falls under the
age of 15 and 24 years was 20.2% in the year of 2018, demonstrating 4.5% decline as compared
to the year of 2017. The average unemployment rate amid young people who comes under the
age of 15 and 24 years was 29.1% in the year of 2016, 32.8% in the year of 2015, 36.0% in the
year of 2014 as well as, 38.9% in the year of 2013.
In opposed to this, Chzhen et al. (2017) evaluated that the largest decline with respect to number
for 2019 by field of economic activity as compared with the same month in the year of 2018 was
reported in the field of new entrants, trade, construction, public administration, manufacturing,
and hotels. Along with this, increasing unemployment was reported in the banking field.
Labour market response to the crisis
As per the opinion of Boeri and Jimeno (2016), leaders of main economies came forward as well
as, took extraordinary coordinated deeds, implementing stimulus packages as well as, providing
resources for enhancing the lending capability of IMF together with, multilateral development
financial institutions. These practices flourished in preventing a high recession. In addition,
international recovery has confirmed to be stronger as compared to previously forecasted. In the
labour market, there is potential volatile is high. The policy response has deteriorated since the
year of 2010 and several governments, specifically, those in developed nations have moved to
fiscal severity. Apart from these policy changes, international economic growth initiated to
decline in the year of mid-2010. Along with this, government strategies are predicted to be
minimum expansionary in near term mainly, as broadening fiscal deficit as well as, increasing
public debt has undermined assistance for a further measure of fiscal stimulus. Hence, slower
growth could be predicted for continuing into 2011 together with, 2012.

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In opposed to this, Talias et al. (2015) evaluated that the key burden of crisis was recognized
through paid workforces as well as, people performing as an assistant in the family business. In
addition to this, paid employment has declined for initial time since1991 by 1.8%. In the same
year, employment related to assistants under family businesses has declined by 1.9%. Moreover,
the number of self-employed individual and staff gained by 1% whereas the amount of self-
employed individual with no employees increases marginally through 0.4%.
According to Cristescu (2017), the decline in paid employment is attributed to 3.4% decline in a
number of male workforces while number of female workforces gained vaguely through 0.6%.
Moreover, higher amount of self-employed individual and workforce is recognized to increasing
by 1.4% in a number of men in such field. On the contrary, a higher amount of self-employed
individual without employees is related to 1.2% gain in the number of women in such field.

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Chapter 3: Research methodology
3.1 Introduction
A research methodology is a significant procedure that could be practiced by researcher for
pooling appropriate evidence related to research topic with purpose of achieving aim and
objectives of research in a systematic manner. Further, it is non-numerical as well as, structured
evaluation of several techniques which is specifically executed in research work area (Van Mol,
2016). This section of the dissertation illustrates knowledge related to philosophies, approaches,
purpose, strategies, and data pooling techniques. These aspects are profitable for accumulating
the necessary data to resolve the research dilemma. Research aim easily attained by using these
tools. Research methodology section considers the selection of suitable research tools and
research approaches with appropriate justification (Hadjisolomou, Newsome, and Cunningham,
2017).
3.2 Research philosophy
Research philosophy is crucial to evaluate development of basic knowledge of individual
towards specified research work. It is also an advantageous technique to gain conceptual
knowledge in the context of research concern. Distinct types of research philosophy exercised by
research scholars that are named as realism, interpretivism, and positivism research philosophy.
These research philosophies are different from each other in various manners that are related to
scope and nature (Van Setten, Scheepers, and Lubbers, 2017). An investigator has considered
interpretivism research philosophy for achieving the purpose of this dissertation as this
philosophy is more effective as compared to positivism and realism philosophy. Interpretivism
research philosophy also enables research scholar for pooling perception as well as, beliefs about
research participants in the context of Global economic crisis and its effect on Cyprus
unemployment. Furthermore, small sample size is required to collect perception of a huge
number of people related to the research dilemma by using this research philosophy
(Karanikolos, et. al., 2018).
In addition, this philosophy is also exercised for getting detailed feasible data related to research
dilemma that cannot be pooled by practicing realism and positivism research philosophy. Due to
the no need for scientific and statistical data pooling, positivism philosophy is not practiced by
the research scholar. Further, it is also analyzed that focusing on reality and the actual situation

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that exists in the environment, is not necessary for this research work. Therefore, realism
research philosophy is also not exercised by the investigator (Marelli and Signorelli, 2017).
3.3 Research Approach
The research approach is a significant aspect that facilitates research scholar to comprehend the
knowledge about the motive for selecting a particular research method and approach. Inductive
and deductive research approach are types that are practiced by research scholar as per the need
of research work. Research scholar has practiced an inductive approach for conducting this
research work instead of the deductive research approach. Because this approach assists the
investigator to construe the qualitative information and to comprehend depth knowledge with
respect to research concern. Moreover, this approach aids an investigator to pool a large number
of data towards the Global economic crisis and its effect on Cyprus unemployment (Brüha and
Kucharčuková, 2018). It is also supportive of defining the relationship between global economic
crisis and Cyprus unemployment. In contrast to this, due to no requirementof hypothesis for this
research study, the deductive research approach is not be practiced by the investigator. It is also
found that a deductive approach is not suitable while it is implied with mixture of interpretivism
research philosophy (Garau-Vadell, et. al., 2018).
3.4 Research Strategy
The research strategy is way of gathering facts with figures associated to the research concern in
a systematic manner. A broad range of research strategies are exercised by research scholar to
get targeted research objectives in a comprehensible manner and these research strategies are
named as observation method, literature review, cross-sectional studies, interview, content
analysis, grounded theory as well as, focus group (Nikolaidou, 2016).
The secondary research strategy is implemented by the investigator for this research work to
accomplish the main research aim and objectives of current investigation. Due to this, an
investigator has accessed various internal sources like the annual report of the organization as
well as, websites of the company. Along with this, research scholar has also accessed external
sources such as information of competitors, government report and internet. At the same time, a
literature review has also practiced for this research work as it illustrates the views and beliefs of
various authors with reference to global economic crisis and its effect on Cyprus unemployment
(Cordero, and Simón, 2016).

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The literature review tool is useful for comprehending the knowledge towards different rationale
and concepts that supports in attaining the precise outcome. It is also analyzed that, this research
strategy develop an inclusive way to evaluate the issues of a research study which has arisen due
to the explanatory nature of the investigation. Further, the literature review also leads the
investigator to evaluate the association between global economic crisis and Cyprus
unemployment. Therefore, exploratory nature of research study is significant for gain
understanding about the effect of global economic crisis on unemployment of Cyprus (Zervas,
Proserpio, and Byers, 2017).
3.5 Research Design
Research design is also an essential aspect of research methodology section that is advantageous
for completing the research study in a trustworthy and authentic way. Three types of research
design are practiced by investigator for accomplishing investigation in an appropriate manner
that is named as qualitative research design, quantitative and mixed research design (Tombazos,
2019). Research scholar has chosen qualitative research design for this research work as it entails
theoretical features regarding research concerns and it leads to reaching the research aim and
objectives. For this, the investigator has assessed the relationship between the global economic
crisis and Cyprus unemployment by exercising qualitative research design. On other hand,
quantitative research design has not been practiced by the researcher due to no need for statistical
information (Mah, 2019).
It is analyzed that, qualitative research design enables the investigator to eliminate the obstacles
of quantitative investigation that has arisen at the time of research work as this research design
relies on the theoretical understanding with respect to Global economic crisis and its effect on
Cyprus unemployment in the current scenario. Thus, this research design is effective for
assessing the connection amid the global economic crisis and Cyprus unemployment (Frieden
and Walter, 2017).
3.6 Research Purpose
Research purpose assists the research scholar to develop and improve the knowledge related to
research matter. There is three types of research purpose that are exercised by researchers on the
basis of the research issue’s nature such as explanatory, exploratory and descriptive research.
For this research work, research scholar has selected explanatory research design to develop the
association between the global economic crisis and Cyprus unemployment (Fine, 2018).

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In order to this, it is also analyzed that this research design is related with previous experience
rather than the available or existing experience. On the other side, an investigator has not
practiced exploratory research design for current research concern as there is no requirement for
assessing how and why global economic crisis has an impact on unemployment (Dimian, Begu,
and Jablonsky, 2017).
3.7 Data Collection Method
Data pooling technique is an imperative tool that is practiced by the investigator for
accumulation and analyzing the figures and facts related to the research concern. Different types
of data gathering techniques are used for the research study such as primary and secondary data
pooling tool. Various methods are used by research scholar to pool primary information that are
named as questionnaire, observation method, interview, focus group and survey method (Flesher
Fominaya, 2017). Apart from this, different sources are used for accumulating the secondary data
such as financial websites, newspaper, academic publications, annual report, journals, articles
and authentic websites (Carbo‐Valverde, Rodriguez‐Fernandez, and Udell, 2016).
A researcher has executed secondary data pooling tool for this research work as it is more
appropriate for evaluating effects of the global economic crisis of Cyprus unemployment.
Different types of internal and external sources are used for pooling the secondary data and these
sources provide more precise and trustworthy data related to research concern (Jones, Kelemen,
and Meunier, 2016). But at the same, it is also analyzed that these sources are cost consuming.
Further, a literature review is also practiced for collecting the secondary data and this data is
effective for improving the knowledge related to the Global economic crisis and its effect on
Cyprus unemployment (Brzezinski, 2019).
3.8 Sampling Procedure
Sampling is a procedure that is executed for selecting the research participants from numerous
people. It is practiced for getting the observation by using numerical tools and this process is also
used for illustrating the data through different types of graphs and charts. Different kinds of
sampling techniques could be used for performing investigation that is probability and another
one is non-probability sampling method. These tools are executed for secondary research in
order to choose the appropriate sources (Grekousis, 2018).
With the intention of this research work, the non-probability sampling tool has selected by the
research scholar for comprehending detailed knowledge related to global economic crisis and its

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effect on Cyprus unemployment. In this way, the convenience sampling technique has exercised
by a researcher and according to this tool; sources are chosen as per the investigator’s
convenience (Dolls, et. al., 2018). 3 articles are utilized as a sample size through research scholar
for this investigation. The researcher has reviewed many articles before selecting these articles.
Consequently, this data is significant for attaining the authentic and precise research result
(Vasylieva, et. al., 2018).
3.9 Data Analysis Methodology
Data analysis is a significant part of research methodology that could be advantageous for getting
authentic and feasible research outcome. As this research work has qualitative nature hence,
research scholar has practiced content analysis method after accumulating the concerned data for
assessing the pooled facts and figures (Bacigalupe, Esnaola, and Martín, 2016).
Under this, the content analysis method is utilized for determining the cause and effect
association amid variables. In this way, the researcher has practiced various tools of content
analysis method for performing this research work effectively. Summative content analysis
method has utilized by the researcher in order to obtain precise data (Grekousis, 2018). In this
tool, the content has counted and compared by the investigator by offering a description of
fundamental context related to research work. Apart from this, statistical data analysis tool has
practiced by research scholar to demonstrate the pooled and evaluated fact and figures by using
tables, graph, and chart with respect to research dilemma (Flesher Fominaya, 2017).
3.10 Ethical Consideration
The researcher has considered ethical norms related to techniques and strategies of research to
decrease the ethical issues from research work. In this research study, secondary data is obtained
from numerous sources that are articles, journals, books, and authentic websites. These sources
are cited by the researcher by avoiding plagiarism issues from the research study. The secondary
method has utilized by an investigator for pooling relevant facts and figures and eliminating the
ethical issues related to data manipulation and plagiarism. Research scholar has written this
research work in their language, as well as proper in-text, has also provided in every paragraph
(Dimian, Begu, and Jablonsky, 2017).
Along with this, the research scholar maintains the confidentiality and privacy of the
respondent’s personal information. Consequently, it is profitable for research scholar to decline
the ethical problems from the investigation. In order to this, the investigator has also practiced

DISSERTATION 19
research strategy regarding guidelines and code of conduct which are offered by the university
because it is beneficial for decreasing the ethical obstacles from research work (Frieden, and
Walter, 2017).
3.11 Limitations
Different research limitations develop several obstacles in completing the investigation which is
the following:
Time constraint
Minimum time duration is allocated to the researcher for conducting the cross-sectional study
that is a major hurdle as research scholar has to attend classes and complete 2 to 3 project work
and assignment along with performing research work. It also shows that the investigator has to
give longer time duration for accumulating the information in favor of research work (Tombazos,
2019).
Fund
This is another factor of research limitation that bounded the research scholar for performing the
research work. The researcher has not sufficient money to spend on traveling in a different
region of the nation because the investigator belongs to a low-income group. Further, this factor
also bounded the investigator for conducting the survey to get the perception of a large number
of respondents in favor of research concern (Cordero and Simón, 2016).
Ethnocentrism
As the investigator is an outsider and not belongs from same nation hence, it also creates a
problem for a researcher in getting the beliefs of local people of the country. Respondents don’t
want to share their personal information with outsider person. In addition, rude or uncultured
behavior of researcher develops an insecure feeling in the mind of research candidates (Mah,
2019).

DISSERTATION 20
Chapter 4: Findings with Discussion of Data
Article 1
(Sources: EURES, 2019).
From the above interpretation, it can be interpreted that the unemployment rate in Cyprus is
increasing as compared to previous years due to the economic crisis. It is found that expats
interested in performing in Cyprus can move towards penetrating into the working atmosphere
with all resources of the modern economy that emphasizes highly on the service sector. While,
there are some agriculture and mining sector in Cyprus that was influenced by global economic
crisis. Moreover, service sector presently takes into consideration about 47% of GDP in the
Republic of Cyprus (Internations go, 2019).
But, the nation is making efforts from the financial and economic crisis in previous some times.
Since, the banking sector of Cyprus has been highly uncovered to Greek debt hence economic
growth rate shrank harshly. The growth rate is 0.6% at the end of January 2017. In addition to
this, recessions happen in the year of 2015 one year earlier as compared to initially unspecified.
In current times, the Republic of Cyprus is one of the fastest-growing European economies that
have shown great resilience due to the financial crisis in the year of 2013 (Tyrovolas, et. al.,
2018).
This finding is supported by the view of Gontkovičová Mihalčová and Pružinský (2015), as it
was evaluated that high unemployment can consequence regarding economic crisis in action or
can be one of the causes for it. Furthermore, the economic crisis can develop while higher

DISSERTATION 21
interest rates contracted lending and diminishing consumer spending results in a company may
liberate the employees to endure the economic recession. It may change the offensive downward
spiral because unemployed customers do not engage freely, affecting corporations further and
lending with respect to more layoffs. Moreover, increasing unemployment can be found when
companies outsource one business functions to other nations. These kinds of unemployment can
be highly enduring in nature and can direct for longer-term economic inconsistency.
It is identified that in Cyprus, a large number of expats are working in current times got to
understand about Island as one of its key parts. It exists in a beautiful location such as the right of
the Mediterranean Sea. There is also abundant cultural treasures for improving hence, it is stated
that Cyprus is a renewed tourist destination. Along with this, the tourism sector is one of the
significant economic pillars of Cyprus that contributes about one-fifth of national GDP.
Moreover, restaurants, hotels, sights, bar, and other kinds of hospital industry get to benefit
directly and indirectly through tourism and consequently have offered safe opportunity related to
employment for several Cypriots for decades (Imran, et. al., 2015).
In addition, economic crisis has highly unfavourably influenced tourism industry of Cyprus,
however tourist arrival has experienced about the substantial growth in the previous five years. It
is due in terms of increasing the demand in international tourism between other things. As a
result, working in tourism industry related to Cyprus is becoming more interesting. When the
percentage in the context of tourist arrivals from Europe is moderately declining, then the high
amount of Russian as well as, Asian tourists have been creating their ways to Pictorial Island
(The global economy, 2019).
This finding is supported by the opinion of Talias et al. (2015), as it was assessed that key burden
of crisis was addressed through paid employees as well as, individual performing as an assistant
in the family business. Moreover, paid employment has diminished for the initial time since the
year of 1991 by 1.8%. In the same time duration, employment associated with assistants under
family trading has diminished by 1.9%. In addition, the amount of self-employed person with
employees increased by 1% whiles the amount of self-employed individual with no staff’s
increases slightly by 0.4%.
But, when Cyprus has made key steps with respect to diversifying its economy, tourism field is
going via major service with a record figure of tourist predicted for arriving in the year of 2017.
It is analyzed that industry representative is expected to further increases number related to

DISSERTATION 22
visitors and to secure growth as well as, potential opportunities for performing in Cyprus in such
field at least (Moody’s Analytics, 2019).
It is assessed that about 81% of the national GDP is developed in the third sector. In contrast to
this, major contributions about the tourism sector, workforces performing in the business of
Cyprus and the financial sector are creating primary role in economy of country. However, there
is steadily recovering through an economic crisis due to the huge amount of foreign investment.
Cyprus is also predicted to be exposed to positive economic growth and increases in the number
of jobs in these areas (EURES, 2019).
It is also identified that in the year of 2016, Cyprus has about 9.1% increases in foreign
investment and has become a top location with the purpose of foreign direct investment. It is also
effective in terms of real estate and construction field that is influencing bulk of people to
perform in Cyprus (Christou, Ioannou, and Shekeris, 2016).
Another key staple of service sector could be shipping. Moreover, this article defines that
Limassol is busiest ports in European Union as well as, the key point of entry and exit for
products of all kind and one of leading ship management centres in the nation of Europe. It is
identified that performing in the shipping industry of Cyprus has been well-defined for a longer
time. Moreover, Cyprus is an alias for its safety standards as well as, high quality while it comes
to shipping. For enhancing the sector, it has remained moderate competitive at the time of crisis.
It is also identified that the Cyprus plan is also undertaking the restructuring and rebranding
initiatives in upcoming times (Savvides, 2016).
This finding is supported by the opinion of Cristescu (2017), as it was described that paid
employment is diminished by 3.4% in figure of male workforces when amount of female
workforces is increased vaguely by 0.6%. Furthermore, self-employed individuals are increased
and employees are attributed to gain in 1.4% in a number of men in such sectors. In opposed to
this, a large number of self-employed individuals are increased by 1.2% in the number of women
in such sector.
Article 2

DISSERTATION 23
(Sources: Moody’s Analytics, 2019).
The above chart shows that the labour force participation rate is increasing in Cyprus as
compared to previous years. It is identified that earlier to emergence about global economic
crisis, Cyprus focuses on the track record of acceptable economic growth as well as,
comparatively constant macroeconomic situations. But, these good economic circumstances
were moderately created outcome of extreme credit expansion as well as, weak level of
consumption in economy (Moody’s Analytics, 2019). It also leads to the development of
rigorous macroeconomic disparities. Moreover, the supervisory and regulatory structure of
financial field together with, significant coverage about Cyprus banks to Greek economy as well
as, Greek sovereign bond market has contributed about the fall down of financial sector as well
as, Cyprus economy (Business in Cyprus, 2019).
This finding is favoured by the view of Parmar Stavropoulou and Ioannidis (2016), as it was
illustrated that the impact of global economic recession is illustrated in Cypriot labour market in
late 2008 and performs on this day. There is also a continuing decline in economic practice and
which led to eliminating different jobs. As a result, it declines the gain in unemployment in
Cyprus. Since the year of 2015, the economy has initiated for making progress in financial
indicators. In the year 2018, the data is obtained through a labour force survey, it was addressed
that all indicators have improved and the labour market is progressively recovering.

DISSERTATION 24
This article discusses that in spite of expectation of greater than 20% of the labour force at the
time of crisis period; unemployment could fare effectively as compared to expected as it peaked
about 16% in the year of 2014. Along with this, concerning issue is high rate of youth
unemployment and long-term unemployment during the economic crisis. In spite of this, youth
unemployment is on a declining path since 2013 falling to 24.7% in the year of 2017 from 29.1%
in the year of 2016. In addition to this, long-term unemployment is declining path from the year
2015 diminishing to 4.5% in the year of 2017 from 5.8% in the year of 2016. The overall
unemployment rate could decline to 11.1% from 12.9% the year before and is predicted to carry
on a downward trend (EURES, 2019).
This result is favoured by the view of Abebe Tøge and Dahl (2016), as it was explained that
banks can be more prospected about lending to customers and business with affordable rates and
generous repayment terms. When an economy starts to develop in banks, contracts and other
lending institution with shortening lending practices then it can be complex to borrow the
housing purchasing purposes and initiating and expanding the business. Moreover, liberal
lending strategies could be beneficial in an economic crisis when borrowers cannot have
adequate money to consider the loan terms in economic contracts. In the year of 2008 economic
crisis, there was liberal advancing in the US mortgage market that demonstrates different
homeowners are in concerns when interest rates of their teaser are finished along with rates are
adjusted. In addition to this, different individuals could longer afford to purchase their homes,
increasing confidence, shot up foreclosures in context of the whole economy of the US.
Article 3

DISSERTATION 25
(Sources: The global economy, 2019).
It is evaluated that global financial crisis was started in year of 2006 in the context of the
problem in the USA subprime mortgage environment. It has influenced the financial sectors such
as banks in about all foremost economy. It created an instant impact on UK in form of banking
crisis. It may lead to recession in Cyprus foremost market in year of 2008. From 2007 to 2011,
the effects were diminishing in outbound UK tourism whereas, demand regarding British for
houses in entire Mediterranean sector practically dispersed, affecting economies regarding Spain,
Portugal as well as, Cyprus. As a result, Cyprus has hit in the construction as well as, tourism
sector because, in both fields, British market has accounted for over 50% of market (Cyprus
Recruiter, 2019).
Furthermore, finding is favoured by the opinion of Baycan and Ozen (2018), as it was stated that
a stock market bubble develops in the stronger economy while demand related to investment
increases and stock prices are identified higher in opposed to dictating the valuation regarding
objectives. The stock prices cannot offer assistance as well as, whole market correct back to
reasonable valuation because no feasible resources are available at supercilious rates. It is
addressed that when it creates in across the wider range of stocks, then investors may extract the
money through an uncertain environment which may interrupt them further. In addition to this, in

DISSERTATION 26
the cycle period, confidence will slowly return once a shareholder feels that shares have hit their
lowest possible point.
Moreover, Cyprus at that phase had practically no toxic bonds. The Eurozone started to have an
impact in the year of 2008 and 2009. In addition, GDP comes in all Eurozone nations as well as,
4.3 percent overall. In addition, it is identified that Cyprus came throughout slightly with GDP
contraction of 1.9%, and lowest in Eurozone. Furthermore, there were declining tourist arrivals
from UK, France, Ireland, as well as, several European nations.
Business comes in hotel accommodation, restaurants as well as, the construction sector was
highly affected and followed through associated sectors regarding manufacturing and excavation
(BBC News, 2019). Since, the year of 2009, the economy is stagnating and appearing to be back
into recession in the year of 2012. Furthermore, sectors that are demonstrating the growth is
primary and leading employment through households, which is foreign housemaids as well as,
those occupied into gardening practices, followed through economic sectors such as public
sectors, services, and banks. Communications and transports were in recession in the year of
2009 and 2011 whereas hotels have recovered highly in the year of 2011and tourism revenues
have sharply gained in the year of 2012 (Galanos and Roukanas, 2019).
This finding is favoured by the opinion of Bilgili et al. (2017), as it was stated that there is an
initiation regarding the execution of Troika strategy. Cyprus has entered into depression. Despite
the price deduction, the purchasing power of wages can be declined due to higher salary cuts.
There will be many unemployed workforces who get zero wage purchasing power. Moreover,
interest rates will be declined and gradually shift in line with respect to ones existing in the
northern euro area economy.
In opposed to this, there is the relatively moderate impact of the economic crisis on GDP such as
unemployment has increased roughly from 2009 onwards together with, arrived 7.5% of
economically active population in year of 2011. Furthermore, it is currently around EU average
of about 11%. Moreover, Cyprus has never practised high rate of unemployment as compared to
period of 1974-1976. There is highly tragic impact of crisis that may affect population at large,
particularly young people. The evidence that the economy is not increasing also resulted in
declining productivity in the year of 2009 along with there is stagnation in productivity in the
year of 2011. There is also the probability that school leavers would not get tasks in June (The
global economy, 2019).

DISSERTATION 27
GDP is value regarding all products and services manufactured by the nation in single year. This
chart indicates how much GDP has increased or contracted, each year since launch regarding
euro. It indicates damage caused to whole of Eurozone through 2008 global financial crises as
well as, failure of secondary economies except, Germany due to constant development since then
(Orphanidou and Kadianaki, 2018).
This finding is supported by the view of Gupta Habjan and Tutek (2016), as it was described that
new phenomenon is associated with zero years was rapidly growing in different types of
household lending. It was highly focused on funding regarding personal consumption and non-
productive household savings. Another funding is related to auto loans, buying durable goods
through credit cards as well as, mortgages can provide a contribution to increasing spending and
consumer demands in the economy. The credit boom could also encourage the expansion for real
estate, asset rates and later highly in different cities.

DISSERTATION 28
Chapter 5: Conclusion and recommendations
RO1: studying the causes of economic crises in the economy
From the findings, it can be concluded that there are different causes of economic crises in the
economy such as high employment rates, a stock market bubble, and higher interest rates. It can
be summarized that the key cause for economic crises in the economy was high employment
rates. It is stated that banks are more prospected to lend the customers and business at the
affordable rates and on effective repayment terms. It can be also concluded that stock market
bubble develops within a strong economy whether demand related to equity investment increases
together with, stock prices are also addressed higher in contrast to dictating the valuation about
objectives.
It can be concluded that an economic crisis can create at the time of higher interest rates,
declining consumer spending results, constricted lending may free the employees for retaining
even in an economic downturn. It can be summarized that Cyprus can move with respect to
penetrating into the working environment with all resources regarding the modern economy. It
focuses on service sector while, there is some mining and agriculture sector in Cyprus that has
influenced through the economic crisis.
RO2: Consideration of the features of crisis phenomena in the economy of Russia and
foreign countries
According to the above findings, it can be concluded that the initial quarter demonstrates the
sharp weakening of investment activities, reducing revenues in the automotive industry, housing
market bubbles, inflation in products and services environment, as well as, deflation in the asset
market. There is also a lack of confidence in the Russian economy may originate through two
different sources. In addition, it can be summarized that the initial cause regarding the economic
crisis in the Russian economy is reducing oil prices in 2014. It can be concluded that another
cause is result of global economic sanctions that could be imposed through Russia via annexation
regarding Russia and the intervention of the Russian military in Ukraine.
It can be summarized that in the mid of 1980s, Japan, Sweden, Northway, and Finland face a
conceptual bubble in the housing market and the stock market. It can be evaluated that the
impact of global economic recession is shown in Cypriot labour market in late 2008 and
performs on this day. In addition, there is continuing reducing economic activities and that may

DISSERTATION 29
lead to avoiding different jobs. Consequently, it declines the increases in unemployment in
Cyprus.
RO3: Consideration of the main ways of Cyprus exit from the crisis state
From the above discussion, it can be concluded that fiscal rationalization had effectively started
in December 2012. It can be summarised that the new government has created action on 2 March
2016 as well as, has initiated for pushing further. It can be concluded that the political climate
was that a person was prepared for moving towards the gradual paradigm. In addition, it can be
summarised that Cyprus has entered into depression in spite of price deduction. It can be
concluded that the purchasing power of wages can be declined due to higher salary cuts. It can be
summarised that the tourism sector is an effective economic pillar for Cyprus, which may
contribute regarding one-fifth of the national GDP. It can be also concluded that hotels,
restaurants, bars, sights as well as, other types of hospital industry may get advantageous directly
and indirectly by tourism. It facilitates the same opportunities associated with employment
regarding different Cypriots for decades. It can be concluded that industry representative is
predicted for further gain the number of visitors as well as, to secure the expansion and potential
chances for performing within Cyprus into such field at basic point.
RO4: Consider concepts such as market, domestic market, domestic labour market concept
From above findings, it could be concluded that market is a kind of social relations, institutions,
processes as well as, infrastructures where, parties could be occupied into the exchange. It can be
also summarised that the domestic market is a market within own occupier of the nation as well
as, trading is intended at a single atmosphere. Along with this, it can be concluded that the labour
market is an atmosphere where customers and employees deal with each other in the context of
particular products and services.
RO5: to analyze the labour market of the Republic of Cyprus
It can be concluded that the global economic recession has an impact on Cypriot labour
environment in the year of 2008 and on this day. It can be summarized that there is continuing
diminishing economic practices, which lead to eliminating different jobs and consequently there
is a continuous decline in employment. It can be concluded that unemployment in Cyprus is
7.1%, which demonstrates a 2.3% decline in comparison with the earlier year. It was 9.4
according to existing previous data. It can be summarized that the unemployment rate related to
young people who falls under the age-group of 15 to 24 years was 20.2% in 2018 that is declined

DISSERTATION 30
by 4.5% in 2017. It can be summarized that largest decline in the number of 2019 by field of
economic practices in comparison to 2018. These economic practices are construction, new
entrants, public administration, hotels, trades, and manufacturing. Furthermore, it can be
concluded that expats are keen to perform in Cyprus as well as, can shift with respect to entering
into the working environment with all resources into the modern economy. It highly emphasizes
on the service sector. It can be summarized that republic of Cyprus is one of enlarging European
economies that have demonstrated higher resilience because of the financial crisis in 2013. It can
be also concluded that Cyprus has about 9.1% enlarges in international investment in 2016 as
well as, has become a leading location with the intention of foreign direct investment. It can be
also summarized that the republic of Cyprus is significant in the context of real estate as well as,
construction field, which has influenced the high amount of people in terms of performing in
Cyprus.
RO6: Consider the labour market response to the crisis
It can be concluded that leaders of key economies is self-assured and considered an extraordinary
coordinated deed, executing stimulus package, and offering resources. It leads to improve the
lending competency of IMF as well as, bilateral development financial organizations. It can be
summarised that these practices can be flourished to prevent a high recession. Along with this, it
can be concluded that paid employment is declined and it is attributed to declining by 3.4% in a
number of male workforces while figure of female workforces is increased vaguely via 0.6%.
From 2007 to 2011, it can be summarised that the effects were declined in the context of
outbound UK tourism while, demand in the context of British for houses in Mediterranean areas
are practically isolated, affecting the economies of Portugal, Cyprus, and Spain. It can be
concluded that Cyprus has hit into the tourism as well as, construction sector because, in both
sectors, British market was responsible for over 50% of market. It can be summarized that there
was an improvement in transports as well as, communication at the time of recession in 2009 and
2011. In addition, it can be concluded that tourism revenues have highly increased in the period
of 2012.

DISSERTATION 31
Recommendations
RO1: studying the causes of economic crises in the economy
From the above conclusion, it can be recommended that companies should shorten the working
days with extended working hours. It would gain productivity as well as, offers flexibility to
employees. The company can also provide holiday trip to each workforce such as card granting
in complex economic times as well as, demonstrating appreciation for the hard work of each
employee. But, an explanatory card should decline expectation for this being repetitive each time
(Cohen, 2016). The company can provide carpooling by offering a central site to post and
coordinate rides. It should also consider providing a gas card in the form of reward for those who
attach with this for particular time duration. The company should keep regular one-on-one
meeting with workforces to study about financial conditions and their levels of stress. It can also
train the manager for picking-up the needs as well as, the behavior of workforces (Phylaktis,
2015).
It can be also recommended that the company should consider a financial expert in the context of
companywide seminars in order to identify the issues regarding concerns as well as provides
smaller group planning workshops. It can be suggested that workforces could be unenthusiastic
to spending money on Saturday night fun (Jones, 2015). It can be also recommended that
workforces can be reluctant for spending money on Saturday night fun with 401Ks down as well
as, volatile Dow. Along with this, workforces should provide reward the employees with movie
passes and restaurant official documents in order to get excellent work. It would particularly
appreciate at the time of these complex times (Foscolou, et. al., 2017).
RO2: Consideration of the features of crisis phenomena in the economy of Russia and
foreign countries
It can be recommended that company should keep channels of open communication. It can
enhance morale through recruiting senior leaders to carry out regular meetings to workforces in
order to keep them advanced regarding what is going on with corporation and to ask for their
opinions regarding the ways of improving efficiency and productivity (Berberoglu, 2016).
It can be also suggested that the company should offer childcare services or develops daycare
opportunity nearest to the office to minimize childcare travel time as well as, expenditures for
workforces. When daycare services are not too distant, then there is need to organize a group rate

DISSERTATION 32
structure of fee and may be offered a shuttle to transport the kids and parents to and from
occupation (Lindsey, 2016).
RO3: Consideration of the main ways of Cyprus exit from the crisis state
It can be suggested that company should promote wellness. It can make exercise programs as
well as available gym equipment and contributes to health club fees hence workforces can stay
fit as well as, deals more significantly with stress. It can be also suggested that the company
should work with local chamber regarding commerce to perceive what after-hours shopping
discount could be organized for supporting workforces with saving money. Moreover, it could be
win-win results for retail companies hit through recession (Baylis, Smith, and Owens, 2017).
It can be suggested that the company should take time for writing an individual thank you note to
each workforce to demonstrate a genuine approval for his contributions towards company.
It can be recommended that people traverse via span of emotions at the time of crisis conditions
starting to issues over their compensation, job security, as well as, their competency for paying
their bills. Moreover, announcements related to job layoffs have worsened anxiety and fear. In
addition to this, managers can make a plan for identifying each of these issues (Ekici, 2019).
It can be suggested that people should respond distinctly to crisis conditions. It is expected to
observe the difficulties of people, demonstrating anger, being forgetful, as well as, demonstrating
increased absenteeism with all normal response. It can be also recommended that an individual
should talk more as it is a natural aspect regarding dealing with this crisis. It is suggested that
more talking is beneficial for the company to become healthier. It should also demonstrate the
issue as well as, supports the simple because daily tasks would go a long way for improving
productivity (Samitas and Kampouris, 2019).
It can be suggested that business leaders tend to keep data and it would destroy destruction on
the motivation of employees. The company should meet the employees at all degree in terms of
expressing the issues along with, endorses the available resources and other services. An
individual may wish to understand regarding job and compensation security. In addition to this, a
discussion could move a long way to support an individual for dealing with the condition (Ruiz-
Pérez, Bermúdez-Tamayo, and Rodríguez-Barranco, 2017).
It can be suggested that managers, human resource professionals, supervisors, managers should
be capable to manage resources, data as well as, the authority to aid workforces. In addition,
training can involve how to address and support the stress together with issues associated with

DISSERTATION 33
financial suffering. A company should address those most vulnerable together with asks
questions for evaluating how they are performing both at home and work (Cavounidis, 2018).
It can be recommended that the company should not underestimate the significance of a personal
leadership style. It should also demonstrate the calm as well as confident style related to
leadership. It could go a long way to keep output and stability. Managers can make efforts to
classify their own personal concerns as well as, fears (Papasolomou, Kountouros, and
Melanthiou, 2018).
RO4: Consider concepts such as market, domestic market, domestic labour market concept
It can be recommended that the company should make no assumption regarding how an
individual feels or how they have been affected by this crisis. Whereas, many people will share
their opinion, others would attempt to organize burden by themselves. Moreover, professional
assistance could be recognized by some individual that makes sure to comprehend how to access
workforce support program (Theophanous, 2016).
It can be suggested that people are diverse according to their emotions along with they
demonstrate them in diverse ways. It permits them to demonstrate their emotions and feelings
feasibly. One business has developed a monthly gathering that is known as ‘Rumour mill
meeting’ in which, they identify all misinformation together with, rumours spread that month
(Hobolt and De Vries, 2016).
It can be suggested that a crisis provides the best and worst of an individual. It ensures the
performance management procedure that identifies the performance concerns brought on through
financial crisis. It should be conscious as well as, takes feasible actions for avoiding theft. It
should make clear in no unsure terms that performance of this type would not be performed as
well as, tolerated significantly (Nicoli, 2016).
It can be recommended that the success of a business is individual, which perform there. Similar
to terrorism, financial crisis develops psychological damage on personality violates them as well
as, making efforts to control their life. Role of management is to provide control back to the
individual. Victory sweepers are concerned related to both emotional as well as the emotional
health of their employees. Hence, company has explained to assisting an individual with support
and care (Elliott, 2017).
It can be also recommended that the company can expect and make plan for longer term. This
financial uncertainty is happened with an individual for longer time. It also makes sure to allow

DISSERTATION 34
the practiced for keeping people engaged and motivated. It should also find the creative manners
for motivating the workforces. Outstanding workforces could be keys of CEO’s BMW M3
convertible for a week. It is also stated that while an individual gets to drive my car for week
then they never disregard it (Foster and Frieden, 2017).
It can be suggested that a reduction in employees, as well as budget cuts, may increase the stress
level through overloading remaining staffs. Hence, in current times, leaner budget call for
cautious prioritizing as well as, smaller employees has required to manage workload cautiously.
It should also avoid elimination of allocating new projects to employees (Meuleman, Davidov,
and Billiet, 2018).
RO5: to analyze the labour market of the Republic of Cyprus
It can be suggested that the company should keep employees regarding what is going on in an
organization it could be good or bad news. It facilitates an opportunity for employees to a deal
with the concern informally with their managers, in meetings, or in Q&A column within the
newsletter of the company. It can support to decline stress-inducing rumours and gossip
(Christou, and Kyris, 2017).
During the economic crisis, the company should be honest with the employees as it would help
to lessen their fears. It should say that everything is fine while it is not as well as, will weaken
the trust of employees in the company. It can be stated that whenever the company makes
changes, layoffs, and cutbacks because of the economic downturn then it creates lower morale
and higher stress (Daly, 2019). Along with this, trust should not be lost and fear is becoming the
driving factor. The company should make plan strategically hence everything I perform takes
positioned at one time. After completion of changes, the company should discuss the changes
with their employees (Madureira-Lima, et. al., 2017).
It can be recommended that company should train the employees and managers for resolving the
conflict via open and respectful negotiation and communication. The company can also reduce
the job conflicts through clearly illustrating the expectation of the job as well as, treating the
workforces equally and fairly. Moreover, the workforce experiencing personal stress like
financial issues is more likely to have interpersonal conflict in the workplace. The company
should keep an eye out for transformations in how workforces relate with co-workers and are
prepared to provide counselling or assistance (Arechavala, Espina, and Trapero, 2015).

DISSERTATION 35
It can be recommended that the company should keep the employee's benefits during the
economic crisis as it would lead to an increase the employment. It is addressed that stress level
rise while valuable advantageous like vacation pay and sick leave are restrain. It is evaluated that
the company can weigh the savings through reducing advantageous due to potential high
expenses of lower burnout and productivity (Bournakis, et. al., 2017).
It can be recommended that firm should be sure that employees take vacation time rather than
letting it accumulate indefinitely and obtaining compensation for it. Workforces who get relax as
well as, revive away through work develop may fewer the stress-related ailments as well as, are
more energetic and alert on return (Vegetti, and Adăscăliţei, 2017).
RO6: Consider the labour market response to the crisis
It can be recommended that the company should give employees more control. Employees who
have some control over how they perform their jobs take greater pride in their performance, are
more productive, cope better with job stress as well as, have higher self-confidence. It also
permits the workforces for making a decision, undertaking new tasks, and learns through their
mistakes. It can streamline red tape such as providing a modest gain in spending authority
without approval of the supervisor. It can provide a greater sense to employees for controlling
their jobs (Guthmann, and Fill, 2020).
It can be suggested that the company should emphasize achievements, bonuses and public praise
to perform the job effectively and efficiently. It can also pay off in increasing loyalty, morale and
productivity. It can be recommended that stress could be worsened through environmental
effects like noise, air pollution, crowding, and ergonomic issues. It can also focus on workplace
condition as well as, consider the environmental way out (Khalid, Okafor, and Shafiullah, 2019).
It can be recommended that the company should educate the employees on finances and
recession associated topics. It can also inform the workforces regarding how to stay floating in
recession. It can help them to feel less anxious. It should also incorporate the holding brown bag
lunch training meetings on the topic of reducing credit card debt, creating a budget, investing,
and distribution as well as, living regarding retirement income (Mursa, Iacobuţă, and Zanet,
2018).
It can be suggested that the company should provide employee assistance program as well as,
pastoral counselling program. When a company does not has an EAP program, and collect lists
of local resources that workforces can move to when they need to manage stress (Vaiou, 2016).

DISSERTATION 36

DISSERTATION 37
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