IMF lowers Egypt’s GDP growth forecast for FY2023/24 to 3.6%
Updated 10/11/2023 9:57:00 AM
Arab Finance: The International Monetary Fund (IMF) has trimmed its forecast for Egypt’s real gross domestic product (GDP) for the current fiscal year (FY) 2023/2024 to 3.6% from its previous projection of 4.1%, according to the fund’s World Economic Outlook (WEO) report.
The fund has revised its projection for Egyptian economic growth for the FY 2022/2023, anticipating a growth rate of 4.2%, compared to the previous estimate of 3.7% in the July report.
Moreover, it anticipates an increase in Egypt’s consumer prices from 8.5% in FY 2021/2022 to 23.5% in FY 2022/2023, followed by an increase to 32.2% in FY 2023/2024.
The report also projected a drop in the country’s unemployment rates to 7.1% in FY 2022/2023 from 7.3% in FY 2021/2022, expecting it to rise in FY 2023/2024 to 7.5%.
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