WASHINGTON – The International Monetary Fund (IMF) said Tuesday Egypt’s expected real GDP growth is to hit 3.7 percent in the current fiscal year, while it will be up to 5 percent in the coming year.
The forecasts were included in the World Economic Outlook (WEO) report the fund released on Tuesday.
For the country’s inflation, the IMF report expects it to maintain its double digits position in both 2023 and 2024, projecting it to slow down to 21.6 percent and to 18 percent, respectively.
Egypt’s inflation kept accelerating in March, reaching over 32 percent, according to readings the Central Agency for Public Mobilisation and Statistics (CAPMAS) released this week.
On the other hand, the country’s core inflation slightly declined in March to 39.5 percent, down from over 40 percent recorded a month earlier, according to readings the Central Bank of Egypt (CBE) also announced this week.
The report expects the unemployment rate to rise in 2023 and 2024 to 7.6 percent and 7.7 percent, respectively, up from 7.3 percent seen in 2022.
At the global level, the report projected the global GDP growth to drop to 2.8 percent in 2023, down from 3.4 percent recorded in 2022, before rebounding to three percent in 2024.
The report explained that forecast for the coming years is well below what was expected before the onset of the adverse shocks since early 2022.
Discussion about this post