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ECONOMY

Papadopoulos: IMF’s Report on Cypriot Economy Is Positive

Papadopoulos: IMF’s Report on Cypriot Economy Is Positive

The government assesses positively the findings of the International Monetary Fund, Deputy Government Spokesman Viktor Papadopoulos said on Wednesday 11 October.
 
The IMF revised upward its growth forecast for Cyprus’ economy compared to last April`s forecasts, in its World Economic Outlook (WEO) report released on Tuesday 10 October.
 
In statements to the press, at the Presidential Palace, after today's Cabinet meeting, the Deputy Government Spokesman said that “it is positive when an organisation like the IMF finds that the Cypriot economy is now steady, on a recovery course”.
 
Despite all the negative forecasts Cyprus is recording a growth rate of 3.5%, one of the highest in Europe and the unemployment rate continues its downward trend, Papadopoulos said, adding that the Government would like to see single-digit unemployment rate in the next year.                                                                               
He noted that the state budget has been balanced in the past five years, the primary surplus is increasing and that Cyprus enjoys lower interest rates in the international markets. All these allow the government to save money and along with the primary surplus to increase development expenditure in order to stimulate the market and create more growth and in turn more jobs.

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