IMF sees GDP growth 0.2% in 2015, 1.4% in 2016

Financial Mirror (Cyprus) - - FRONT PAGE -

The IMF World Eco­nomic Out­look for 2015, re­leased on Tues­day, fore­sees a 0.2% GDP growth for Cyprus this year and 1.4% in 2016.

The re­port, which was pre­sented by the IMF’s top ad­viser Olivier Blan­chard, comes be­fore the Spring Meet­ings of the World Bank Group and the In­ter­na­tional Mon­e­tary Fund, in Wash­ing­ton DC, which will take place on April 17-19.

It es­ti­mates that the con­sumer price in­dex will be neg­a­tive at -1% in 2015 and will re­turn to pos­i­tive rates at 0.9% in 2016.

For 2015, the IMF pre­dicts that the deficit in the cur­rent ac­count will re­main at -1.9% (as a per­cent­age of GDP) and will go down to -1.4% in 2016.

Fi­nally, it es­ti­mates that un­em­ploy­ment will fall in 2015 to 15.9% (down from 16.2% in 2014) and a fur­ther per­cent­age point in 2016 (14.9%).

For the eu­ro­zone, the IMF re­port ex­pects that growth will be around 1.5% in 2015 re­flect­ing re­stric­tion in sup­ply and de­mand. In­fla­tion for the eu­ro­zone is pre­dicted to re­main at 0.1% in 2015, a per­cent­age be­low the ECB’s long-term tar­get.

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