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IMF downgrades Cyprus growth forecast

The International Monetary Fund (IMF) on Tuesday revised downward its 2019 growth forecast for Cyprus to 3.5 per cent from its October estimate of 4.2 per cent.

For 2020, the IMF expects the economy to grow by 3.3 per cent.

Inflation will reach around 0.5 per cent this year against 1.8 per cent forecast in October. In 2020 it is expected to rise to 1.6 per cent.

The IMF also foresees a gradual reduction in unemployment. The fund said it expects unemployment to drop by 1.4 per cent in 2019, to 7 per cent. Next year unemployment will fall further to around 6 per cent, the IMF said.

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