The unemployment rate will drop from a 16.2% in 2014 to 15.9% this year, and will further drop to 14.9% next year, the IMF said in its World Economic Outlook today. The current account will generate a 1.9% of gross domestic product deficit this year, as much as it did in 2014 before the deficit shrinks to 1.4% of GDP in 2016.

Consumer prices will decrease 1% this year after dropping 0.3% last year, the IMF said. In 2016, the IMF expects an inflation rate of 0.9%.

The euro-area’s economy is projected to grow 1.5% in 2015 and 1.6% in 2016, the Washington-based organisation said. Inflation rate is expected to be around 0.1% this year before picking up at 1% next year.

Greece’s economy is expected to grow 2.5% in 2015 before it accelerates to 3.7% in 2016, after growing 0.8% in 2014, the IMF said. The country’s current account is projected to generate a 1.4% of GDP surplus this year, before it drops to 1.1% in 2016.

The unemployment rate in Greece is expected to drop to 24.8% in 2015 from 26.5% last year, before dropping to 22.1% next year, the IMF said.

Source: Cyprus Mail