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IMF projects solid economic growth in Egypt

IMF projects solid economic growth in Egypt

Cairo, Oct 12 (Prensa Latina) The International Monetary Fund (IMF) on Tuesday raised its growth projections for Egypt in 2021 to 3.3 percent and kept its estimates for next year unchanged at 5.2 percent.
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In an updated report on world economic prospects, published on Tuesday, the IMF estimated that this nation’s inflation rate will rise to 4.5 and 6.3 percent, respectively.

According to this organization, the country’s growth will drop to 3.9 percent in 2021 and 3.7 percent in 2022.

Regarding unemployment, the report states it will accelerate to 9.3 percent this year and then decline to 9.2 percent next year.

This Arab nation was one of the few countries in the world with economic growth in 2020, despite the global effects of the Covid-19 pandemic.

According to the credit agency Standard & Poor’s, Egypt’s Gross Domestic Product (GDP) will grow by 5.3 percent in the 2022-2023 fiscal year and reach a similar figure in the next one.

Recently, Minister of Economy Hala El Saeed announced that GDP will grow by 5.4 percent in the 2021-22 fiscal year, whereas unemployment and poverty will drop to 7.3 and 28.5 percent, respectively.

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