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IMF Boosts Cyprus Growth Forecast

by THEFUTURE.TEAM

October 23, 2024

The International Monetary Fund (IMF) has upgraded its growth forecast for Cyprus, raising the 2024 projection from 2.7% (April estimate) to 3.3%, according to the October 2024 World Economic Outlook (WEO). For 2025, growth is also expected to increase to 3.1%, up from 2.9%. This places Cyprus among the top economies in the eurozone, with only Malta and Croatia expected to post higher growth rates at 5% and 3.4%, respectively. Cyprus’ Finance Ministry is even more optimistic, estimating 3.7% growth for 2024.

Inflation in Cyprus is forecasted to ease, with the IMF projecting a slight decrease to 2.2% in 2024 and 2% in 2025. This represents an improvement from the previous forecast of 2.3% for 2024. Unemployment is also expected to drop, with figures predicted to fall to 5.3% in 2024 (down from April’s 5.9% projection) and further to 5.1% in 2025.

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On a less positive note, Cyprus’ current account deficit is expected to widen. The IMF predicts a deficit of -10.1% of GDP in 2024, compared to the -8.6% previously estimated, and -8.6% in 2025. The Cypriot government, however, has a more conservative forecast of -8.5% for 2024 and -7.6% for 2025.

Globally, the IMF forecasts steady growth of 3.2% for 2024 and 2025, with notable upgrades for the U.S. economy. U.S. growth is now expected to reach 2.8% in 2024, up from 2.7%, and 2.2% in 2025, revised from 1.9%. In contrast, Germany’s growth outlook has been downgraded, with zero growth expected in 2024, down from 0.2%, and a modest recovery to 0.8% in 2025.

This report highlights Cyprus’ strong economic recovery, buoyed by strategic fiscal policies, even as other global economies face slower growth.

Dubai International Airport (DXB) Retains Title As The World’s Busiest International Airport In 2024

by THEFUTURE.TEAM

January 17, 2025

Dubai International Airport (DXB) has once again earned the title of the World’s Busiest International Airport with a total of 60.2 million seats in 2024. This follows its similar achievements in 2023 and 2019, underscoring the UAE’s strategic position in global aviation. DXB’s capacity saw a significant 7% year-on-year growth compared to 2023, as well as a 12% increase over pre-pandemic levels in 2019.

OAG’s report, which calculates the busiest airports based on international airline capacity, placed DXB in the lead, with Atlanta Hartsfield-Jackson International Airport (ATL) coming in second overall when including both domestic and international flights. The rankings highlight DXB’s role in shaping the global aviation sector, aided by the UAE’s efficient infrastructure and positioning as a key air traffic hub.

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Top 10 Busiest International Airports In 2024

Following DXB, London Heathrow Airport (LHR) secured the second spot with 48.4 million seats, marking a 4% increase in capacity from 2023. Seoul Incheon International Airport (ICN) made an impressive leap, moving up four places to claim third with 41.6 million seats, reflecting a 24% capacity growth compared to 2023.

Other notable airports in the top 10 include Singapore Changi (SIN) in fourth place with 41.5 million seats, and Amsterdam Schiphol (AMS) in fifth with 40 million. Istanbul Airport (IST) showed the most substantial growth in capacity among the top 10, increasing by 20% to reach 38.6 million seats, securing sixth place.

Noteworthy Changes In Rankings

Paris Charles de Gaulle (CDG) followed in seventh place with 38.5 million seats, while Frankfurt Airport (FRA) ranked eighth with 35.7 million. Hong Kong International Airport (HKG) had the most significant year-on-year capacity increase in the top 10, up by 40%, although still 23% behind 2019 levels. Qatar’s Hamad International Airport (DOH) rounded out the top 10 with 32.5 million seats, experiencing a 13% increase from 2023.

Global Overview: Top 10 Busiest Airports In 2024 (Including Both Domestic And International Flights)

The busiest airport globally in 2024 was Atlanta Hartsfield-Jackson (ATL), with 62.7 million seats. It maintained its top position from 2023 and 2019, although capacity was up just 2% year-on-year and slightly down from 2019 by 1%. Tokyo Haneda Airport (HND) secured third place with 55.2 million seats, a 5% increase from 2023.

Dallas Fort Worth International Airport (DFW) moved into fifth place, surpassing its pre-pandemic capacity by 18%. Denver International (DEN) saw the highest growth among the top 10, with a remarkable 24% capacity increase, moving it to sixth position.

Shanghai Pudong International (PVG) saw a 29% increase in capacity compared to 2023, largely driven by China’s post-pandemic recovery in air travel, propelling PVG from 15th in 2023 to 9th in 2024.

The rankings of the busiest airports reveal the resilience of global aviation and the recovery of regions like China, while also underscoring the growing importance of airports in the Middle East and North America. With substantial growth expected to continue, these airports will play a pivotal role in the global recovery and expansion of air travel in the coming years.