Cyprus: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

Volume/Issue: Volume 2022 Issue 151

Publication date: June 2022

ISBN: 9798400211591

$20.00

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , authorities of the Republic of Cyprus , authorities project tourist arrival , climate goal , public debt debt ratio , policy credibility of the authorities , liability positions vis-à-vis nonresident , authorities' contingency plans , Residential Property price index , Nonperforming loans , COVID-19 , Global

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Summary

Cyprus is highly exposed to the fallout from the war in Ukraine through trade with Russia. This new challenge comes against the background of the lingering effects of the pandemic and financial vulnerabilities dating from the 2012–13 crisis. Growth is projected to slow from 5½ percent in 2021 to around 2 percent this year. Recovery will regain momentum in 2023, and is projected to continue in the medium term, supported by investments and structural reforms in the Recovery and Resilience Plan.