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Revised Growth Projections for Egyptian Economy by International Monetary Authority

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The International Monetary Fund expected the Egyptian economy to grow by 3.7% this year and 5% in 2024.

In its World Economic Outlook report released today, the IMF expected Egypt’s inflation rate to reach 21.6% in the current fiscal year and fall to 18% in 2024.
The Fund lowered its growth forecast for the Middle East and North Africa this year to 3.1% from 3.2% in January and 3.6% in October.

The Fund expected the Saudi Arabian economy to grow by 3.1% this year and 3.2% in 2024, while the UAE economy will grow by 3.5% and 3.9% this year and next year, respectively.

According to forecasts released today, Kuwait’s economy will grow by 0.9% this year and 2.7% in 2024, while Iraq’s economy will grow by 3.7% in 2023 and 3.1% in 2024.

Underlying expectations for global economic growth, which assumes containment of the global banking crisis and its consequences, point to the possibility that it will be 2.8% in 2023 and then slowly grow and stabilize at 3% in 5 years, which is the most low medium-term outlook. in decades.

And if the global financial sector crisis is not contained, global growth will decline to 2.5% in 2023, the weakest growth since the global economic downturn in 2001, except for the corona crisis in 2020 and the global financial crisis in 2009 .

The Fund expects headline global inflation to decline from 8.7% in 2022 to 7% in 2023 under the pressure of falling commodity prices, but core inflation is likely to decline more slowly.

Source: Middle East News Agency.

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