{"id":5286,"date":"2024-03-23T17:00:52","date_gmt":"2024-03-23T15:00:52","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=5286"},"modified":"2024-03-23T17:00:52","modified_gmt":"2024-03-23T15:00:52","slug":"economic-outlook-remains-favourable-says-ratings-agency","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=5286","title":{"rendered":"Economic outlook remains favourable says ratings agency"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/economic-outlook-remains-favourable-says-ratings-agency.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>International rating agency Morningstar DBRS on Saturday rated Cyprus at a BBB (high) long-term credit rating with a stable trend, noting that favourable economic prospects balance downside risks.<br \/>\n\u201c<strong>The stable trend balances favourable economic and fiscal developments against important downside risks<\/strong>,\u201d the agency said.<br \/>\nAccording to the Canada-based agency, Cyprus registered a real GDP growth rate of 2.5 per cent in 2023 which compares favourably with the Euro area\u2019s average of just 0.4 per cent, bolstering public finances and supporting the further reduction of Cyprus\u2019 debt-to-GDP ratio to 77.4 per cent at end-2023.<br \/>\n\u201cCyprus\u2019 BBB (high) ratings are supported by a stable political environment, the government\u2019s sound fiscal and economic policies in recent years, and a favourable government debt profile,\u201d the agency added.<br \/>\n<strong>Morningstar noted that the economic outlook remains favourable<\/strong>, with private consumption likely to benefit from a further rebound in real wages and solid employment growth, whereas investment activity is projected to be bolstered by the inflow of Next Generation EU funds and several major investment projects, particularly in the tourism and residential real estate sectors.<br \/>\nThe agency also cites the Central Bank of Cyprus (CBC) December projections that the real GDP growth will strengthen moderately to 2.6 per cent in 2024 and 3.1 per cent in 2025.<br \/>\nMorningstar however pointed out that \u201cat the same time, the growth outlook is exposed to important downside risks such as an escalation of the military conflict in Ukraine and a prolonged disruption in trade in the Red Sea.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morningstar DBRS rated Cyprus at a BBB (high) long-term credit rating with a stable trend, highlighting the balance between favourable economic prospects and downside risks. Cyprus recorded a real GDP growth rate of 2.5% in 2023, above the Euro area&#8217;s average of 0.4%, and reduced its debt-to-GDP ratio to 77.4% by the end of 2023. The rating is supported by a stable political environment, sound fiscal and economic policies, and a favourable government debt profile. The economic outlook for Cyprus is positive, with expectations of growth in private consumption, employment, and investment activity, partly due to Next Generation EU funds and major projects in tourism and real estate. The Central Bank of Cyprus projects real GDP growth to reach 2.6% in 2024 and 3.1% in 2025. However, risks include potential escalations in the Ukraine conflict and trade disruptions in the Red Sea.<\/p>\n","protected":false},"author":3,"featured_media":5287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1902,39,913,66,3178,3,898,2083,3179,3177,27,203,379,599,2110,696,60,250,415,187,2753,287,701,1824,238,1006,17,1858],"class_list":["post-5286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-bank","tag-bank-of-cyprus","tag-canada","tag-central-bank-of-cyprus","tag-credit-rating","tag-cyprus","tag-debt","tag-disruption","tag-downside-risks","tag-economic-prospects","tag-employment","tag-environment","tag-eu","tag-euro","tag-funds","tag-gdp","tag-gdp-growth","tag-google","tag-government","tag-international","tag-investment","tag-real-estate","tag-red-sea","tag-sectors","tag-tourism","tag-trade","tag-ukraine","tag-ukraine-conflict"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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