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IMF forecasts Egypt’s high economic growth in 2022

IMF forecasts Egypt’s high economic growth in 2022

Cairo, Oct 12 (Prensa Latina) The International Monetary Fund (IMF) has raised its projections for Egypt's Gross Domestic Product (GDP) growth in 2022 to reach 6.6 percent, one percentage point higher than estimated in July, according to a report released in Cairo on Wednesday.

In its latest World Economic Outlook report, the IMF expects Egypt’s GDP growth to register 4.4 percent in 2023.

The report raised the country’s inflation to 13.1 percent in 2022, compared to 8.7 percent expected in April, while decreasing to 9.2 percent in 2023.

Fitch rating agency recently upgraded its projections for Egypt’s economic growth to 6.17 percent in 2022, 0.16 percent higher than estimated in its previous assessment.

However, the Government lowered its estimate to 5.5 percent, down from 5.7 percent previously expected.

Egypt’s annual inflation rose to 15.3 percent in September, compared to 8.0 percent in the same month of 2021.


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