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Cyprus: 2021 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-06-16

Total Pages: 82

ISBN-13: 1513587641

The COVID-19 pandemic has interrupted Cyprus’s strong economic growth over the past few years. High dependence on service sectors and strict containment measures led real output to contract by 5.1 percent (yoy) during 2020. Growth is projected to recover to 3 percent in 2021 as the vaccine rollout gathers pace despite the ongoing new wave of infections, but significant downside risks remain, reflecting the high uncertainty of the path of the epidemic.

Cyprus

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Ireland: 2021 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-06-16

Total Pages: 72

ISBN-13: 1513587234

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Ireland entered the COVID pandemic with reduced vulnerabilities and high growth, especially in multinational enterprises (MNEs)-dominated sectors. The pandemic has had a highly asymmetric impact on the economy. The domestic sectors contracted by about 10 percent in 2020 and unemployment reached 30 percent at the peak of the first wave, while MNEs continued to grow strongly, driving overall GDP growth to 3.4 percent. A swift policy response has been effective in mitigating the crisis impact and protecting households and firms. The domestic sectors are expected to partially recover in 2021, with GDP growth projected at 4.6 percent. Downside risks stem from uncertainties surrounding new COVID variants, post-Brexit trade arrangements, and likely changes in international taxation.

Vietnam

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2021-03-01

Total Pages: 95

ISBN-13: 151357048X

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Successful containment of COVID-19 and strong policy support have helped contain the health and economic fallout, and a strong recovery is underway. Growth in 2020 reached 2.9 percent, among the highest in the world. However, labor market conditions remain weak. Corporate balance sheets have worsened, potentially hampering private investment and job prospects. Banks entered the crisis in a stronger position than in previous years, but weaknesses remain. Vietnam’s economy remains heavily reliant on external trade and is vulnerable to trade tensions.

Cyprus: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-06

Total Pages: 79

ISBN-13:

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Cyprus is highly exposed to the fallout from the war in Ukraine through trade with Russia. This new challenge comes against the background of the lingering effects of the pandemic and financial vulnerabilities dating from the 2012–13 crisis. Growth is projected to slow from 51⁄2 percent in 2021 to around 2 percent this year. Recovery will regain momentum in 2023, and is projected to continue in the medium term, supported by investments and structural reforms in the Recovery and Resilience Plan.

Greece: 2021 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-07-16

Total Pages: 94

ISBN-13: 1513587838

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Greece entered the pandemic with an unfinished recovery, but the country has demonstrated resilience in facing COVID-19. The economy contracted by 8.2 percent in 2020, better than expected given Greece’s high dependence on tourism and pre-existing vulnerabilities. The government provided among the largest on-budget fiscal stimuli in the euro zone and supervisory and ECB accommodation shielded the banking sector and kept financing conditions highly accommodative. Despite the pandemic, reforms progressed in a number of areas, albeit at a slower pace than in recent years.

Cyprus

Author: International Monetary Fund. European Dept.

Publisher: International Monetary Fund

Published: 2023-06-05

Total Pages: 62

ISBN-13:

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Growth is projected to slow from 5.6 percent last year to 21⁄2 percent this year. Recovery in tourism and an influx of foreign companies is set to continue, but elevated inflation and tighter financial conditions will weaken domestic demand. Price pressures—stemming from high energy prices in 2022—are expected to moderate but will persist for core inflation. Growth is projected to pick up over the medium-term, underpinned by investments and reforms in the Recovery and Resilience Plan (RRP).

Romania: 2021 Article IV Consultation-Press Release and Staff Report

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-08-27

Total Pages: 74

ISBN-13: 1513594893

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Among EU countries, Romania suffered a relatively shallow recession in the COVID-19 crisis, aided by macroeconomic easing. A strong recovery is projected in 2021. The new government is committed to balance continued pandemic-related support with the start of a medium-term fiscal consolidation trajectory that corrects pre-pandemic excesses, while implementing a range of structural reforms. These efforts, as well as the medium-term recovery, should be bolstered by large Next Generation EU grants.

Hungary: 2021 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-06-29

Total Pages: 54

ISBN-13: 151358443X

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Hungary’s economy entered the COVID-19 pandemic on a strong footing and the authorities responded swiftly and strongly to the crisis it triggered. While the lockdowns weighed heavily on activity, the fast vaccination pace is allowing an early relaxation of containment measures, and the economy has started to rebound.

Cambodia: 2021 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-12-09

Total Pages: 89

ISBN-13: 1616355948

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The rapid spread of the virus in Cambodia during 2021 has set the economy back again, after external demand collapsed in 2020. The authorities responded to the crisis with measures to support households and firms, including increased healthcare spending; a new system of cash transfers to vulnerable households; loans and guarantees; tax breaks; and wage subsidies and retraining. Despite these measures, growth is estimated to have contracted by -3.1 percent in 2020. Growth in 2021 is expected to be 2.2 percent, slowly recovering to pre-crisis rates of around 61⁄2 percent.