According to comprehensive news from WorldWay: From July 14 to 25, the European Commission, the International Monetary Fund, and the European Central Bank conducted the fifth economic planning assessment of Cyprus. The macroeconomic situation of Cyprus remains largely consistent with that during the fourth assessment.
It is expected that the output will contract by 4.2% in 2014, with growth in the tourism sector helping to alleviate pressure on other banks. The unemployment rate remains high, but there are signs of stabilization. The Cypriot economy is expected to grow by 0.4% in 2015, while high private sector debt continues to suppress economic recovery. The risks to economic growth remain due to credit supply and the crisis in Ukraine. It is particularly important to reverse the upward trend of non-performing loans to restore credit, promote economic growth, and create jobs. The Troika recommends that Cyprus continue to advance the structural reform plans for the banking and corporate sectors and fully and timely implement relevant policies.
Edited by WorldWay
