2020 Cyprus Country Report

Harmonised Consumer price inflation (%)
Source: European Commission, European Economic Forecast, Summer 2020
0.8 0.5 0.8
Economy
2018 2019
Credit ratings September 2020
2020
(forecast)
-0.5
2021
(forecast)
BBB- BBB- BBB (L) Ba2
Standard & Poor’s
Stable Outlook
Fitch Ratings
Stable Outlook
Unemployment rate
Source for 2018-19: Cystat
Forecast source: Sapienta Economics, Country
Analysis Cyprus, August 2020
DBRS
Stable Outlook
8.4% 7.1% 9.8% 9.1%
Moody’s
Positive Outlook
The priority of the
Ministry’s policies is
to address the immediate
issues arising as a result
of the pandemic and
the challenges that will
be posed, in the best
possible way for the
benefit of the whole of
society. Τhe Government
and the Ministry of
Labour, Welfare and
Social Insurance, in
parallel with the gradual
upgrading of social
benefits and the provision
of care to citizens in
need, closely monitors
developments in the
economy and business
and makes every effort
to strengthen businesses
and, by extension, the
economy, so that we can
return to positive growth
rates as soon as possible,
safeguarding jobs and
workers’ rights. We will
use the resources of the
European Social Fund
to launch new Incentive
Plans for the recruitment
of the unemployed, as
well as new projects
combining training with
employment subsidy
and other measures
aimed at preventing
a large increase in
unemployment.
2018 2019 2020
(forecast)
2021
(forecast)
Zeta Emilianidou
Minister of Labour,
Welfare and Social
Insurance
Country Report CYPRUS 2020 23