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The International Monetary Fund (IMF) raised its forecast for the growth of the Egyptian economy during the current year. The IMF has raised its forecast to 5.9 percent, as against 5.6 percent for 2021
The International Monetary Fund (IMF) raised its forecast for the growth of the Egyptian economy during the current year. The IMF has raised its forecast to 5.9 percent, as against 5.6 percent for 2021. Significantly, the IMF has lowered its growth forecast for the global economy from 4.4 percent to 3.6 percent, a meaty 0.8 percent cut.
The World Economic Outlook issued by the IMF recently estimated that Egypt’s gross domestic product (GDP) in 2023 would grow by 5 percent. The fund raised its forecast in the January update by 0.4 percent to 5.6%, compared to its expectations in October of 5.6 percent.
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Gita Gopinath, the IMF’s chief economist in its January estimates clarified that the IMF expectations for Egyptian economic performance have improved thanks to the good performance of the Egyptian government in managing the Covid-19 pandemic.
Egypt is the only oil-importing country that has achieved positive growth thanks to the good management of the repercussions of the post-Covid-19 pandemic. It has also achieved positive economic data, according to the IMF chief economist.
