The International Monetary Fund (IMF) has upgraded its forecast on the growth rate of the Cypriot economy in 2022 to 3.5% of the GDP from 2.1% that it expected in April 2022, while it downgraded its estimation for the 2023 growth rate from 2.5% to 3.5% that it expected last April. 

According to its World Economic Outlook of October 22, that was published on Tuesday, the IMF expects that inflation in Cyprus will be in average 8% in 2022 and will drop to 3.8% in 2023. Last April the Fund expected inflation to be at 5.3% in 2022 and 2.3% in 2023. 

As regards the unemployment rate, the IMF expects that it will drop to 6.7% in 2022 from 8.5% that it estimated it last April, while in 2023 it will further drop to 6.5% from 7.5% according to its previous estimation. Moreover, the IMF expects that in 2022 the current account balance deficit will be up to 8.5% of the GDP and in 2023 to 7.2% of the GDP. Last April the "World Economic Outlook" said that the current account balance deficit was expected to be 9.4% in 2022 and 8.3% in 202