Cyprus may lose 1.5% to 2% of GDP in 2022 if the airspace with Russia remains closed throughout 2022, said DRBS Morningstar, noting that the war in Ukraine will impact negatively growth this year, however, “it should not derail Cyprus`s medium-term prospects,” CNA reports.
In a commentary, the rating agency said that “the introduction of sanctions and counter-sanctions due to Russia`s invasion of Ukraine has increased the downside risks to otherwise strong medium-term economic prospects for Cyprus,” adding that the main transmission channels for Cyprus are through tourism revenues and higher energy prices.
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