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According to the World Economic Outlook of the International Monetary Fund, the Cypriot economy will grow by 4.8% in 2021. In 2020, a recession of 5.1% was recorded. The previous IMF forecast of April 2021 was less optimistic and predicted growth of only 3% for 2021.
According to the IMF, growth for 2022 should be 3.6%. The Ministry of Finance’s forecast is more optimistic, counting on a growth rate of 4%. In addition, the IMF estimates that unemployment will drop in 2021 from 7.6% in 2020 to 7.5%. In 2022, the fall in unemployment will be more significant and should fall to 6.9%. Furthermore, the IMF estimates that inflation in 2021 will rise from -1.1% in 2020 to 1.7% and fall to 1% in 2022.
Originally published October 15, 2021
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