The International Monetary Fund (IMF) projects that Cyprus’ economy will shrink by 1,2% in 2012 and will grow by 0,8% in 2013.
According to April 2012 edition of the IMF World Economic and Financial Survey, released on Tuesday, Cyprus inflation rate is expected to be 2,8% in 2012 and to fall to 2,2% in 2013. In addition, the IMF projects that the deficit of the Cyprus Current Account Balance as a percentage to GPD will be 6,2% in 2012 and 6,3% in 2013.
For Greece, IMF projects that the economy will shrink by 4,7% in 2012 and that there will be zero growth in 2013. As regards unemployment race in Greece, IMF projects that will reach 19,4% in 2012 and 2013 as well.
The April 2012 edition of the World Economic Outlook assesses the prospects for the global economy, which has gradually strengthened after a major setback during 2011.