IMF revises upwards its forecasts for growth of the Cypriot economy

The International Monetary Fund revised upwards the growth rate of the Cypriot economy, compared to its forecasts for last April.

According to the World Economic Outlook (WEO) published on Tuesday, the growth rate of the Cypriot economy for 2021 will be 4.8% compared to a recession of 5.1% recorded in 2020. The growth rate was projected at 3% in last April`s WEO. Growth for 2022 is projected at 3.6%, compared to 3.9% projected in April.

According to the IMF, unemployment is projected to fall from 7.6% in 2020 to 7.5% in 2021, to be further reduced to 6.9% in 2022, a forecast that remains unchanged since April.

The inflation forecast is also revised upwards, as the IMF estimates that in 2021 it will rise to 1.7% from -1.1% in the previous year and will be 1% in 2022. In its spring forecast, the IMF predicted that inflation would reach 0.5% in

Source: Cyprus News Agency