The International Monetary Fund Praises Cyprus

for its strong economic recovery and financial discipline

Cyprus recovered quickly from the pandemic and proved its resilience

According to IMF estimates, Cyprus will see steady economic growth in the coming years.

Real GDP is expected to grow by 2.5% to 3.1% a year between 2023 and 2027. In 2024 real GDP will grow slightly compared with 2023, to 2.6%, rising further to 2.8% in 2025, 3% in 2026 and 3.1% in 2027.

Cyprus recovered quickly from the pandemic and showed resilience to numerous adverse shocks. Growth slowed to 2.5% in 2023 but remained strong, above the euro area average.

Overall inflation fell below 2%, helped by lower energy prices and tighter monetary policy, although core inflation remains more stable. Inflation is expected to be around 2% by 2027.

The IMF forecasts steady growth for Cyprus in 2024

The Cyprus banking sector has substantial capital and liquidity buffers. Despite tight financial conditions, the risks of adverse developments have decreased.

The IMF forecasts steady growth for Cyprus in 2024. It will be supported by rising real incomes, foreign direct investment and inflows from the Recovery and Resilience Facility.

Source: Vestnik Kipra

Comment by lawyer Valentina Roks

If you are thinking of opening or growing a business in Cyprus, now is a great time. The economy is growing steadily, and that is good news for any entrepreneur.

WhiteWins tax specialist

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This means you can count on a predictable environment for your business and plan for the future with confidence. Low inflation means prices will not change sharply, which will help you manage your money better.

For business:

Cyprus recovered quickly after the pandemic and showed that it can cope with economic difficulties.

If you are thinking about relocating, this is a good place to live. Incomes are rising and the economy is stable, which means more job opportunities and good social protection.

For immigrants:

If you want to invest, Cyprus is an excellent place to do it. The economy is growing steadily, which creates good opportunities to earn a profit.

Banks in Cyprus hold large cash reserves, which lowers the risks for your investments. There is also support from European funds, which makes investment even more attractive.

For investors:

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