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IMF praises recovery of Cyprus economy

The International Monetary Fund has judged that the economy of the Cyprus recovered quickly from the pandemic and proved to be resilient to many adverse shocks.

The IMF added that growth remains above the eurozone average, based on the recovery of tourism and financial services, the strengthening of the IT sector and strong investments.

It is also noted that core inflation fell below two percent due to lower energy prices and tighter fiscal policy.

The International Monetary Fund considers the short-term risks to be mainly external and related to the recession in major tourism markets, the escalation of regional conflicts and delays in the implementation of the recovery and resilience plan.

Famagusta Gazette