Covid-19 Impact on the real economy, Thalia Kounouni CFA
The pandemic has had a significant impact on the real economy as a consequence of enforced measures by Governments in an effort to contain the virus but also in consumer behavioral changes in re-evaluating the way we operate. As in any shock, some industries benefit, some are negatively affected and there is a rise of new opportunities.
Tourism
Restriction of travel between most countries, but also the reluctance of individuals to travel due to safety concerns have devastated both the airline and hospitality industries. For Cyprus, where tourism contributes to c. 23% of its GDP, the global outbreak had a material impact on the local economy. With more than 90% reduction in tourist arrivals in peak summer months, a significant number of hotels in Cyprus did not open for business during the usually most busy period. This had a ripple effect on restaurants and bars both due to restrictions to operate, but also demand was limited. The effects on tourism are likely to hold for the medium term as part of three main uncertainties: airlines available in the country after significant changes in market players, the success of the vaccination roll-out and the effectiveness of the vaccines to new virus variants, behavioral changes and preferences towards local tourism.
Retail trade
The pandemic has had a diverse impact on retail trade both between and within sub-sectors. As a consequence of stock supply and health concerns but also people spending more time at home, food and beverage and health products sections surged while electronics and furniture had also a positive impact. As malls remained closed for the majority of 2020, consumers turned to high-street shops. Stores, regardless of size, shifted towards online sales with improved delivery options. In the medium to long term we expect a change in the industry landscape as consumers develop an appetite towards a combination between physical and on-line shopping, development of logistic hubs and improvements in supply chain automations.
Construction and real estate
Although the construction and real estate sector was flourishing in the last years, both the global outbreak and the cease of the citizenship scheme has caused significant turbulence. Focus has shifted from high-value luxurious units to moderate housing units with emphasis on completion of under development projects. Deterioration in unemployment rates and reduced financing opportunities are likely to affect the industry in general, with specific asset types more resilient than others. Residential real estate is likely to prove more resilient both for ownership and as an attractive investment, while commercial real estate is more uncertain.
The new growth sectors
Every market shock gives rise to opportunities. As all sectors were forced to find new ways to operate and survive within the restrictions of the pandemic measures, the technology sector has seen significant advances, including video conferencing, cloud computing, digital signatures and artificial intelligence making also information security of vital importance. The expansion of on-line retail has also given a promising outlook for the logistics sector.
The need for a new economic model
Although a countryâs business model should frequently be evaluated and improved, the pandemic has made the need to reconsider the economic model for the Cypriot economy even more prominent. Improvements in legal frameworks and operational efficiencies could further strengthen sectors that
are major contributors to the countryâs GDP while also diversifying by fueling other promising industries such as the technology sector, medicine and logistics.
2. ÎÏÎđÏÏÏÏÎĩÎđÏ ÏÏÎ·Î― ÏÏÎąÎģΞιÏÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą
Î ÏÎąÎ―ÎīηΞÎŊÎą ÎĩÎŊÏÎĩ ÏÎ·ÎžÎąÎ―ÏÎđÎšÏ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÏÎ·Î― ÏÏÎąÎģΞιÏÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą ÏÏ ÏÏ Î―ÎÏÎĩÎđÎą ÏÏÎ― ÎĩÏÎđÎēÎĩÎēÎŧηΞÎÎ―ÏÎ― ΞÎÏÏÏÎ― ÎąÏÏ ÏÎđÏ ÎšÏ ÎēÎĩÏÎ―ÎŪÏÎĩÎđÏ ÏÎĩ ΞÎđÎą ÏÏÎŋÏÏÎŽÎļÎĩÎđÎą ÏÎĩÏÎđÎŋÏÎđÏΞÎŋÏ ÏÎŋÏ ÎđÎŋÏ, ÎąÎŧÎŧÎŽ ΚιÎđ ÏÏÎđÏ ÎąÎŧÎŧÎąÎģÎÏ ÏÏ ÎžÏÎĩÏÎđÏÎŋÏÎŽÏ ÏÏÎ― ΚιÏÎąÎ―ÎąÎŧÏÏÏÎ― ÏÏ ÎĩÏιΚÏÎŧÎŋÏ ÎļÎŋ ÏÎ·Ï ÎĩÏÎąÎ―ÎĩΚÏÎŊΞηÏÎ·Ï ÏÎŋÏ ÏÏÏÏÎŋÏ ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŊÎąÏ ÏÎ·Ï ÎšÎąÎļηΞÎĩÏÎđÎ―ÏÏηÏÎŽÏ ÎžÎąÏ. ÎÏÏÏ ÎžÎĩ ΚΎÎļÎĩ ÏÎŋΚ, ÎŋÏÎđÏΞÎÎ―ÎŋÎđ ÏÎŋΞÎĩÎŊÏ ÏÎ·Ï ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎąÏ ÎĩÏÏÏÎĩÎŧÎŋÏÎ―ÏÎąÎđ, ÎŽÎŧÎŧÎŋÎđ ÎĩÏηÏÎĩÎŽÎķÎŋÎ―ÏÎąÎđ ÎąÏÎ―Î·ÏÎđΚΎ ΚιÎđ ÏÏÎŋΚÏÏÏÎŋÏ Î― Î―ÎÎĩÏ ÎĩÏ ÎšÎąÎđÏÎŊÎĩÏ.
Greek Text:
Î ÎĪÎÎĨÎĄÎÎĢÎÎÎĢ
Î ÏÎĩÏÎđÎŋÏÎđÏΞÏÏ ÏÏÎ― ÏÎąÎūÎđÎīÎđÏÎ― ΞÎĩÏÎąÎūÏ ÏÏÎ― ÏÎĩÏÎđÏÏÏÏÎĩÏÏÎ― ÏÏÏÏÎ―, ÎąÎŧÎŧÎŽ ΚιÎđ η ÎīÎđÏÏιΚÏÎđΚÏÏηÏÎą ÏÏÎ― ÎąÏÏΞÏÎ― Î―Îą ÏÎąÎūÎđÎīÎÏÎŋÏ Î― ÎŧÏÎģÏ ÎąÎ―Î·ÏÏ ÏÎđÏÎ― ÎģÎđÎą ÏÎ·Î― Ï ÎģÎĩÎŊÎą ÏÎŋÏ Ï ÎÏÎŋÏ Î― ÎĩÎūÎŋÏ ÎļÎĩÎ―ÏÏÎĩÎđ ÏÏÏÎŋ ÏÎŋÎ― ÎąÎĩÏÎŋÏÎŋÏÎđÎšÏ ÎšÎŧÎŽÎīÎŋ ÏÏÎŋ ΚιÎđ ÎąÏ ÏÏ ÏÎ·Ï ÏÎđÎŧÎŋÎūÎĩÎ―ÎŊÎąÏ. ÎÎđÎą ÏÎ·Î― ÎÏÏÏÎŋ, ÏÏÎŋÏ Îŋ ÏÎŋÏ ÏÎđÏΞÏÏ ÏÏ ÎžÎēÎŽÎŧÎŧÎĩÎđ ÏÎĩÏÎŊÏÎŋÏ 23% ÏÎŋÏ ÎÎÎ ÏÎŋÏ , η ÏÎąÎģΚÏÏΞÎđÎą ÎĩÏÎđÎīηΞÎŊÎą ÎĩÎŊÏÎĩ ÏÎ·ÎžÎąÎ―ÏÎđÎšÏ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÏÎ·Î― ÏÎŋÏÎđΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą. ÎÎĩ ÏÎĩÏÎđÏÏÏÏÎĩÏÎŋ ÎąÏÏ 90% ΞÎĩÎŊÏÏη ÏÏÎ― ÏÎŋÏ ÏÎđÏÏÎđΚÏÎ― ÎąÏÎŊÎūÎĩÏÎ― ΚιÏÎŽ ÏÎŋÏ Ï ÎšÎąÎŧÎŋΚιÎđÏÎđÎ―ÎŋÏÏ ÎžÎŪÎ―ÎĩÏ, ÎÎ―ÎąÏ ÏÎ·ÎžÎąÎ―ÏÎđΚÏÏ ÎąÏÎđÎļΞÏÏ ÎūÎĩÎ―ÎŋÎīÎŋÏÎĩÎŊÏÎ― ÏÏÎ·Î― ÎÏÏÏÎŋ ÏÎąÏÎΞÎĩÎđÎ―Îĩ ΚÎŧÎĩÎđÏÏÏÏ ÎšÎąÏÎŽ ÏÎ·Ï ÏÏ Î―ÎŪÎļÏÏ ÏÎđÎŋ ÏÎŋÎŧÏ ÏÏÏÎ―ÎąÏÏÎ·Ï ÏÎĩÏÎđÏÎīÎŋÏ . ÎÏ ÏÏ ÎĩÎŊÏÎĩ ÎĩÏÎđÏÏÏÏÎĩÎđÏ ÎĩÏÎŊÏÎ·Ï ÏÎĩ ÎĩÏÏÎđÎąÏÏÏÎđÎą ΚιÎđ ΞÏÎąÏ ÏÏÏÎŋ ÎŧÏÎģÏ ÏÎĩÏÎđÎŋÏÎđÏΞÏÎ― ÏÏη ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŊÎą ÏÎŋÏ Ï, ÎąÎŧÎŧÎŽ ΚιÎđ ÎŧÏÎģÏ ÏÎĩÏÎđÎŋÏÎđÏΞÎÎ―Î·Ï ÎķÎŪÏηÏηÏ. ÎÎđ ÎĩÏÎđÏÏÏÏÎĩÎđÏ ÏÏÎŋÎ― ÏÎŋÏ ÏÎđÏÎžÏ ÎĩÎŊÎ―ÎąÎđ ÏÎđÎļÎąÎ―Ï Î―Îą ÏÎąÏιΞÎĩÎŊÎ―ÎŋÏ Î― ΞÎĩÏÎŋÏÏÏÎļÎĩÏΞι ÏÏ ÎžÎÏÎŋÏ ÏÏÎđÏÎ― ΚÏÏÎđÏÎ― ÎąÎēÎĩÎēÎąÎđÎŋÏÎŪÏÏÎ―: ÎīÎđÎąÎļÎÏÎđΞÎĩÏ ÎąÎĩÏÎŋÏÎŋÏÎđΚÎÏ ÎĩÏÎąÎđÏÎĩÎŊÎĩÏ ÏÏη ÏÏÏÎą ΞÎĩÏÎŽ ÎąÏÏ ÏÎ·ÎžÎąÎ―ÏÎđΚÎÏ ÎąÎŧÎŧÎąÎģÎÏ ÏÏη ÎīÎŋΞÎŪ ÏÎ·Ï ÎąÎģÎŋÏÎŽÏ, ÏÎ·Î― ÎĩÏÎđÏÏ ÏÎŊÎą ÏÎ·Ï ÎīÎđÎŽÎļÎĩÏÎ·Ï ÎĩΞÎēÎŋÎŧÎđÎąÏΞÎŋÏ ÎšÎąÎđ ÏÎ·Î― ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđΚÏÏηÏÎą ÏÏÎ― ÎĩΞÎēÎŋÎŧÎŊÏÎ― ÏÎĩ Î―ÎÎĩÏ ÏÎąÏÎąÎŧÎŧÎąÎģÎÏ ÏÎŋÏ ÎđÎŋÏ ÎšÎąÎđ ÏÎĩ ΚιÏÎąÎ―ÎąÎŧÏÏÎđΚÎÏ ÎąÎŧÎŧÎąÎģÎÏ ÎšÎąÎđ ÏÏÎŋÏÎđΞÎŪÏÎĩÎđÏ ÎģÎđÎą ÏÎŋÎ― ÏÎŋÏÎđÎšÏ ÏÎŋÏ ÏÎđÏΞÏ.
ÎÎÎÎÎÎÎ ÎÎÎ ÎÎĄÎÎ
Î ÏÎąÎ―ÎīηΞÎŊÎą ÎĩÎŊÏÎĩ ÎđÎīÎđÎąÎŊÏÎĩÏÎŋ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ ÏÏÎŋ ÎŧÎđÎąÎ―ÎđÎšÏ ÎĩΞÏÏÏÎđÎŋ ÏÏÏÎŋ ΞÎĩÏÎąÎūÏ ÏÏÎŋ ΚιÎđ ÎĩÎ―ÏÏÏ Ï ÏÎŋÏÎŋΞÎÏÎ―. ÎĐÏ ÏÏ Î―ÎÏÎĩÎđÎą ÏÎ·Ï ÎąÎ―Î·ÏÏ ÏÎŊÎąÏ ÎģÎđÎą ÏÎ·Î― ÎĩÏÎŽÏΚÎĩÎđÎą ÎąÏÎŋÎļÎĩΞΎÏÏÎ― ΚιÎđ ÏÏÎ― ÏÏÎŋÎēÎŧηΞΎÏÏÎ― Ï ÎģÎĩÎŊÎąÏ, ÎąÎŧÎŧÎŽ ΚιÎđ ÏÏÎŋ ÎģÎĩÎģÎŋÎ―ÏÏ ÏÏÎđ ÎŋÎđ ÎŽÎ―ÎļÏÏÏÎŋ ÎūÎŋÎīÎĩÏÎŋÏ Î― ÏÎĩÏÎđÏÏÏÏÎĩÏÎŋ ÏÏÏÎ―Îŋ ÏÏÎŋ ÏÏÎŊÏÎđ, ÏÎą ÏΞÎŪΞιÏÎą ÏÏÎŋÏÎŊΞÏÎ―, ÏÎŋÏÏÎ― ΚιÎđ ÏÏÎŋÏÏÎ―ÏÏÎ― Ï ÎģÎĩÎŊÎąÏ ÎĩÏ Î―ÎŋÎŪÎļÎ·ÎšÎąÎ― ÏÎ·ÎžÎąÎ―ÏÎđΚΎ ÎĩÎ―Ï ÏÎą ηÎŧÎĩΚÏÏÎŋÎ―ÎđΚΎ ΚιÎđ ÏÎą ÎÏÎđÏÎŧÎą ÎĩÎŊÏÎąÎ― ÎĩÏÎŊÏÎ·Ï ÎļÎĩÏÎđÎšÏ ÎąÎ―ÏÎŊΚÏÏ ÏÎŋ. ÎÎąÎļÏÏ ÏÎą ÎĩΞÏÎŋÏÎđΚΎ ΚÎÎ―ÏÏÎą ÏÎąÏÎΞÎĩÎđÎ―ÎąÎ― ΚÎŧÎĩÎđÏÏÎŽ ÎģÎđÎą ÏÎ·Î― ÏÎŧÎĩÎđÎŋÏηÏÎŊÎą ÏÎŋÏ 2020, ÎŋÎđ ΚιÏÎąÎ―ÎąÎŧÏÏÎÏ ÏÏÏÎŽÏÎ·ÎšÎąÎ― ÏÎĩ ÏÎđÎŋ ΞÎđΚÏÎŽ ÎĩΞÏÎŋÏÎđΚΎ ΚιÏÎąÏÏÎŪΞιÏÎą. ÎĪÎą ΚιÏÎąÏÏÎŪΞιÏÎą, ÎąÎ―ÎĩÎūÎąÏÏÎŪÏÎŋÏ ÎžÎĩÎģÎÎļÎŋÏ Ï, ΚÎđÎ―ÎŪÎļÎ·ÎšÎąÎ― ÏÏÎŋÏ ÎīÎđÎąÎīÎđΚÏÏ ÎąÎšÎÏ ÏÏÎŧÎŪÏÎĩÎđÏ ÏÎĩ ΞÎđÎą ÏÏÎŋÏÏÎŽÎļÎĩÎđÎą Î―Îą ΚÎđÎ―Î·ÎļÎŋÏÎ― ÎĩÏ ÎÎŧÎđΚÏÎą ΚιÎđ Î―Îą ÎīÎđÎąÏηÏÎŪÏÎŋÏ Î― ΚΎÏÎŋÎđÎą ÎÏÎŋÎīÎą. ÎÎĩÏÎŋÏÏÏÎļÎĩÏΞι ΚιÎđ ΞιΚÏÎŋÏÏÏÎļÎĩÏΞι ÎąÎ―ÎąÎžÎÎ―ÎŋÏ ÎžÎĩ ΞÎđÎą ÎąÎŧÎŧÎąÎģÎŪ ÏÏÎŋ ÎŧÎđÎąÎ―ÎđÎšÏ ÎĩΞÏÏÏÎđÎŋ ΚιÎļÏÏ ÎŋÎđ ΚιÏÎąÎ―ÎąÎŧÏÏÎÏ ÎąÎ―ÎąÏÏÏÏÏÎŋÏ Î― ΞÎđÎą ÏÏÎŋÏÎŊΞηÏη ÎģÎđÎą ÎÎ―ÎąÎ― ÏÏ Î―ÎīÏ ÎąÏÎžÏ ÎžÎĩÏÎąÎūÏ ÏÏ ÏÎđΚÏÎ― ΚιÎđ on-line ÎąÎģÎŋÏÏÎ―, ÏÎŋ ÎŋÏÎŋÎŊÎŋ ÎīÎŊÎ―ÎĩÎđ ÏÎļηÏη ÏÏη ÏÎĩÏÎĩÏÎąÎŊÏÏ ÎąÎ―ÎŽÏÏÏ ÎūÎ·Ï ÏÎŋÏ ÏÎŋΞÎÎą ΞÎĩÏÎąÏÎŋÏÏÎ― ΚιÎđ ÎēÎĩÎŧÏÎđÏÏÎĩÏÎ― ÏÏÎŋÏ Ï ÎąÏ ÏÎŋΞιÏÎđÏΞÎŋÏÏ ÏÎ·Ï ÎąÎŧÏ ÏÎŊÎīÎąÏ ÎĩÏÎŋÎīÎđÎąÏΞÎŋÏ.
ÎÎąÏÎąÏΚÎĩÏ ÎąÏÏÎđΚÏÏ ÏÎŋΞÎÎąÏ ÎšÎąÎđ ÏÎŋΞÎÎąÏ ÎąÎšÎđÎ―ÎŪÏÏÎ―
ÎÎ― ΚιÎđ Îŋ ΚιÏÎąÏΚÎĩÏ ÎąÏÏÎđΚÏÏ ÏÎŋΞÎÎąÏ ÎšÎąÎđ Îŋ ÏÎŋΞÎÎąÏ ÏÏÎ― ιΚÎđÎ―ÎŪÏÏÎ― ÎŽÎ―ÎļÎđÏÎĩ ÏÎą ÏÎĩÎŧÎĩÏ ÏÎąÎŊÎą ÏÏÏÎ―ÎđÎą, ÏÏÏÎŋ η ÏÎąÎ―ÎīηΞÎŊÎą ÏÏÎŋ ΚιÎđ η ÎīÎđιΚÎŋÏÎŪ ÏÎŋÏ ÏÏÎŋÎģÏΎΞΞιÏÎŋÏ ÏÎŋÎŧÎđÏÎŋÎģÏÎŽÏηÏÎ·Ï ÏÏÎŋΚΎÎŧÎĩÏÎąÎ― ÏÎ·ÎžÎąÎ―ÏÎđΚÎŪ ÎąÎ―ÎąÏÎąÏÎąÏÎŪ ΚιÎđ ÏÏÎŋÏ Ï ÎīÏÎŋ ÏÎŋΞÎĩÎŊÏ. Î ÎķÎŪÏηÏη ÎÏÎĩÎđ ΞÎĩÏÎąÏÎŋÏÎđÏÏÎĩÎŊ ÎąÏÏ ÏÎđÏ ÏÎŋÎŧÏ ÏÎĩÎŧÎĩÎŊÏ ÎžÎŋÎ―ÎŽÎīÎĩÏ Ï ÏηÎŧÎŪÏ ÎąÎūÎŊÎąÏ ÏÎĩ ΞÎĩÏÎąÎŊÎĩÏ ÎšÎąÏÎŋÎđΚÎŊÎĩÏ ÎšÎąÎđ ΞÎĩ ÎΞÏÎąÏη ÏÏÎ·Î― ÎŋÎŧÎŋΚÎŧÎŪÏÏÏη ÏÏÎ― Ï ÏÏ ÎąÎ―ÎŽÏÏÏ Îūη ÎÏÎģÏÎ―. Î ÎĩÏÎđÎīÎĩÎŊÎ―ÏÏη ÏÏÎ― ÏÎŋÏÎŋÏÏÏÎ― ÎąÎ―ÎĩÏÎģÎŊÎąÏ ÎšÎąÎđ ÎŋÎđ ΞÎĩÎđÏΞÎÎ―ÎĩÏ ÎĩÏ ÎšÎąÎđÏÎŊÎĩÏ ÏÏηΞιÏÎŋÎīÏÏηÏÎ·Ï ÎĩÎŊÎ―ÎąÎđ ÏÎđÎļÎąÎ―Ï Î―Îą ÎĩÏηÏÎĩÎŽÏÎŋÏ Î― ÏÎŋÎ― ΚÎŧÎŽÎīÎŋ ÎģÎĩÎ―ÎđΚÏÏÎĩÏÎą, ΞÎĩ ÏÏ ÎģΚÎĩΚÏÎđΞÎÎ―ÎŋÏ Ï ÏÏÏÎŋÏ Ï ÎąÎšÎđÎ―ÎŪÏÏÎ― Î―Îą ÎąÏÎŋÎīÎĩÎđÎšÎ―ÏÎŋÎ―ÏÎąÎđ ÏÎđÎŋ ÎąÎ―ÎļÎĩΚÏÎđΚÎŋÎŊ ÎąÏÏ ÎŽÎŧÎŧÎŋÏ Ï. ÎÎđ ΚιÏÎŋÎđΚÎŊÎĩÏ ÎĩÎŊÎ―ÎąÎđ ÏÎđÎļÎąÎ―Ï Î―Îą ÎąÏÎŋÎīÎĩÎđÏÎļÎŋÏÎ― ÏÎđÎŋ ÎąÎ―ÎļÎĩΚÏÎđΚÎÏ ÎąÏÏ ÏÎą ÎĩΞÏÎŋÏÎđΚΎ ιΚÎŊÎ―Î·ÏÎą, ÏÏÏÎŋ ÎģÎđÎą ÎđÎīÎđÎŋΚιÏÎŋÎŊΚηÏη ÏÏÎŋ ΚιÎđ ÏÏ ÎĩÎŧÎšÏ ÏÏÎđΚÎŪ ÎĩÏÎÎ―ÎīÏ Ïη.
ÎÎđ Î―ÎÎŋÎđ ÏÎŋΞÎĩÎŊÏ ÎąÎ―ÎŽÏÏÏ ÎūηÏ
ÎÎŽÎļÎĩ ÏÎŋΚ ÏÏÎ·Î― ÎąÎģÎŋÏÎŽ ÎīηΞÎđÎŋÏ ÏÎģÎĩÎŊ ΚιÎđ Î―ÎÎĩÏ ÎĩÏ ÎšÎąÎđÏÎŊÎĩÏ. ÎÎąÎļÏÏ ÏÎŧÎŋÎđ ÎŋÎđ ÏÎŋΞÎĩÎŊÏ ÎąÎ―ÎąÎģΚΎÏÏÎ·ÎšÎąÎ― Î―Îą ÎēÏÎŋÏ Î― Î―ÎÎŋÏ Ï ÏÏÏÏÎŋÏ Ï Î―Îą ÎŧÎĩÎđÏÎŋÏ ÏÎģÎŪÏÎŋÏ Î― ÎģÎđÎą Î―Îą ÎĩÏÎđÎēÎđÏÏÎŋÏ Î― ÎĩÎ―ÏÏÏ ÏÏÎ― ÏÎĩÏÎđÎŋÏÎđÏΞÏÎ― ÏÏÎ― ÏÎąÎ―ÎīηΞÎđΚÏÎ― ΞÎÏÏÏÎ―, Îŋ ÏÎŋΞÎÎąÏ ÏÎ·Ï ÏÎĩÏÎ―ÎŋÎŧÎŋÎģÎŊÎąÏ ÎÏÎĩÎđ ÏηΞÎĩÎđÏÏÎĩÎđ ÏÎ·ÎžÎąÎ―ÏÎđΚÎÏ ÎĩÎūÎĩÎŧÎŊÎūÎĩÎđÏ, ÏÏÏÏ Î· ÏηÎŧÎĩÎīÎđÎŽÏΚÎĩÏη, cloud computing, ÏηÏÎđιΚÎÏ Ï ÏÎŋÎģÏÎąÏÎÏ ÎšÎąÎđ ÏÎĩÏÎ―Î·ÏÎŪ Î―ÎŋηΞÎŋÏÏÎ―Î·, ÎŋÎđ ÎŋÏÎŋÎŊÎŋÎđ ÏÎŋΞÎĩÎŊÏ ÎšÎŽÎ―ÎŋÏ Î― ÏÎ·Î― ÎąÏÏÎŽÎŧÎĩÎđÎą ÏÎŧηÏÎŋÏÎŋÏÎđÏÎ― ÎķÏÏÎđΚÎŪÏ ÏηΞιÏÎŊÎąÏ ÎģÎđÎą ΚΎÎļÎĩ ÎĩÏÎđÏÎĩÎŊÏηÏη. Î ÎĩÏÎΚÏÎąÏη ÏÎŋÏ ÎīÎđÎąÎīÎđΚÏÏ ÎąÎšÎŋÏ ÎŧÎđÎąÎ―ÎđΚÎŋÏ ÎĩΞÏÎŋÏÎŊÎŋÏ ÏÎÏÎ―ÎĩÎđ ÏÎŋÎŧÎŧÎŽ Ï ÏÎŋÏÏÏΞÎĩÎ―Î· ÏÏÎŋÎŋÏÏÎđΚÎŪ ÏÏÎŋÎ― ÏÎŋΞÎÎą ÏÎ·Ï ÎĩÏÎŋÎīÎđÎąÏÏÎđΚÎŪÏ.
Î ÎąÎ―ÎŽÎģΚη ÎģÎđÎą ÎÎ―Îą Î―ÎÎŋ ÎŋÎđΚÎŋÎ―ÎŋΞÎđÎšÏ ÎžÎŋÎ―ÏÎÎŧÎŋ
ÎÎ― ΚιÎđ ÏÎŋ ÎĩÏÎđÏÎĩÎđÏηΞιÏÎđÎšÏ ÎžÎŋÎ―ÏÎÎŧÎŋ ΞÎđÎąÏ ÏÏÏÎąÏ ÏÏÎÏÎĩÎđ ÏÏ ÏÎ―ÎŽ Î―Îą ÎąÎūÎđÎŋÎŧÎŋÎģÎĩÎŊÏÎąÎđ ΚιÎđ Î―Îą ÎēÎĩÎŧÏÎđÏÎ―ÎĩÏÎąÎđ, η ÏÎąÎ―ÎīηΞÎŊÎą ÎÏÎĩÎđ ΚιÏÎąÏÏÎŪÏÎĩÎđ ÏÎ·Î― ÎąÎ―ÎŽÎģΚη ÎĩÏÎąÎ―ÎĩÎūÎÏÎąÏÎ·Ï ÏÎŋÏ ÎŋÎđΚÎŋÎ―ÎŋΞÎđΚÎŋÏ ÎžÎŋÎ―ÏÎÎŧÎŋÏ ÎģÎđÎą ÏÎ·Î― ÎšÏ ÏÏÎđιΚÎŪ ÎŋÎđΚÎŋÎ―ÎŋΞÎŊÎą ιΚÏΞη ÏÎđÎŋ ÎÎ―ÏÎŋÎ―Î·. ÎÎđ ÎēÎĩÎŧÏÎđÏÏÎĩÎđÏ ÏÏÎŋ Î―ÎŋΞÎđΚΎ ÏÎŧÎąÎŊÏÎđÎŋ ΚιÎđ η ÎŧÎĩÎđÏÎŋÏ ÏÎģÎđΚÎŪ ÎąÏÎŋÏÎĩÎŧÎĩÏΞιÏÎđΚÏÏηÏÎą ÎļÎą ΞÏÎŋÏÎŋÏÏÎąÎ― Î―Îą ÎĩÎ―ÎđÏÏÏÏÎŋÏ Î― ÏÎĩÏÎąÎđÏÎÏÏ ÏÎŋΞÎĩÎŊÏ ÏÎŋÏ ÏÏ ÎžÎēÎŽÎŧÎŧÎŋÏ Î― ÏÎ·ÎžÎąÎ―ÏÎđΚΎ ÏÏÎŋ ÎÎÎ ÏÎ·Ï ÏÏÏÎąÏ, ÎĩÎ―Ï ÏÎąÏ ÏÏÏÏÎŋÎ―Îą Î―Îą Ï ÏÎŽÏÎūÎĩÎđ ÏÏÎŪÏÎđÎūη ÏÎĩ ÎŽÎŧÎŧÎŋÏ Ï ÏÎŋÎŧÎŧÎŽ Ï ÏÎŋÏÏÏΞÎĩÎ―ÎŋÏ Ï ÎšÎŧÎŽÎīÎŋÏ Ï ÏÏÏÏ Îŋ ÏÎŋΞÎÎąÏ ÏÎ·Ï ÏÎĩÏÎ―ÎŋÎŧÎŋÎģÎŊÎąÏ, η ÎđÎąÏÏÎđΚÎŪ ΚιÎđ η ÎĩÏÎŋÎīÎđÎąÏÏÎđΚÎŪ.
