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Cyprus: 2021 Article IV Consultation-Press Release; and Staff Report
Author:
International Monetary Fund. European Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2021: Issue 125
Language:
English
Publication Date:
16 Jun 2021
DOI:
https://doi.org/10.5089/9781513587646.002
ISBN:
9781513587646
ISSN:
1934-7685
Pages:
82
Keywords:
support measure; Residential Property price index; policy priority; liability positions vis-à-vis nonresident; land price index; support package; Policy issue; SDR million; COVID-19; Nonperforming loans; Loans; Fiscal stance; Europe
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The COVID-19 pandemic has interrupted Cyprus’s strong economic growth over the past few years. High dependence on service sectors and strict containment measures led real output to contract by 5.1 percent (yoy) during 2020. Growth is projected to recover to 3 percent in 2021 as the vaccine rollout gathers pace despite the ongoing new wave of infections, but significant downside risks remain, reflecting the high uncertainty of the path of the epidemic.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund