Cyprus' economy to shrink by 5.5% in 2020 according to revised forecasts, says Minister of Finance

The Cypriot economy is expected to shrink by 5.5% in 2020 compared to a 7% reduction which was the main scenario of the government, the Minister of Finance Constantinos Petrides said, speaking at a virtual event organized by Economist titled "The New York - East Med Summit: A sea of conflict or a sea of opportunities ».
Petrides said that the Government has revised downwards its forecasts for contraction of the economy, as well as the forecasts for unemployment, which is expected to rise to 8% from 9% projected for 2020.


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from Cyprus News Agency
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