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ECONOMY

IMF: Cyprus Economic Growth to Slow Down in the Next Two Years

IMF: Cyprus Economic Growth to Slow Down in the Next Two Years

The Cyprus economy is exhibiting a slight growth rate of the economy for the years 2017 and 2018, according to the International Monetary Fund (IMF), aligning its projections for the next two years with corresponding evaluations of the European Commission.

The IMF’s World Economic Outlook report for April 2017 said that after a GDP of 2.8% in 2016, the IMF estimates that the growth rate will be slightly slower to 2.5% and in 2019 to 2.3%. Similar estimates were presented by the Commission in February 2017, the Cyprus News Agency reports.

The corresponding report in October 2016 estimated that the Cyprus economy’s growth would reach 2.8% and to 2.2% in 2017.

Inflation, however, is entering a positive course, reaching 1.5% in 2017 and 1.4% in 2018.

Unemployment will drop from 12.9% in 2016 to 11.3% this year and even reaching 10.2% in 2019.

Global economic activity is picking up with a long-awaited cyclical recovery in investment, manufacturing, and trade, according to Chapter 1 of this World Economic Outlook. World growth is expected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018. Stronger activity, expectations of more robust global demand, reduced deflationary pressures, and optimistic financial markets are all upside developments.

But structural impediments to a stronger recovery and a balance of risks that remains tilted to the downside, especially over the medium term, remain important challenges.

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