Cyprus economy to shrink by 6.5% in 2020 amid coronavirus pandemic, says IMF
The Cypriot economy will shrink by 6.5% of GDP in 2020, amid the coronavirus pandemic followed by a sharp but not equal recovery in 2021, the International Monetary Fund (IMF) said in its April 2020 World Economic Outlook issued today.
According to the IMF, following a growth rate of 3.2% in 2019, the Cypriot GDP will shrink by 6.5% in 2020, compared with its projection of 2.9% in the October 2019 WEO.
In 2021 the Cypriot economy is projected to bounce back registering a growth rate of 5.6%.
According to IMF estimates, Cyprus inflation will amount to 0.7% in 2020 follower by 1.0% the following year.
Unemployment from 7.1% in 2019 will rise to 8.8% this year and is projected to decline to 7.4% in 2021.
Cyprus’ current account deficit is projected to reach 8.3% this year from -6.7% in 2019 and will decline to -
(CNA)
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According to the IMF, following a growth rate of 3.2% in 2019, the Cypriot GDP will shrink by 6.5% in 2020, compared with its projection of 2.9% in the October 2019 WEO.
In 2021 the Cypriot economy is projected to bounce back registering a growth rate of 5.6%.
According to IMF estimates, Cyprus inflation will amount to 0.7% in 2020 follower by 1.0% the following year.
Unemployment from 7.1% in 2019 will rise to 8.8% this year and is projected to decline to 7.4% in 2021.
Cyprus’ current account deficit is projected to reach 8.3% this year from -6.7% in 2019 and will decline to -
(CNA)
*The full text of the news item is available in the paid version of the CNA web service. Subscription Form
*CNA reserves the copyright to the news stories it files, which is granted to subscribers for specific use only.
from Cyprus News Agency
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