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Cyprus' Economy Makes Strong Progress

Fitch Ratings recently upgraded Cyprus’ long-term foreign and local currency Issue Default Ratings by one notch to BB- from B+.

In particular, the agency forecasts an average 3.5 percent GDP growth for this year which will continue in 2018, in light of the recovery in the first half of this year.

According to the agency, the overall economic recovery was reflected in the labour market, where unemployment dropped to 10.6 percent in this year’s second quarter from a crisis peak of 16 percent in 2014.

Meanwhile, International Monetary Fund reveals that Cypriot economy has achieved impressive turnaround since the 2012 – 2013 banking crisis but it also warns of sizeable downside risks and proposes series of measures to further consolidate the economic achievements of recent years.