Egypt's economy seen growing 4% this fiscal year

 Egypt's economy will grow 4.0% this fiscal year and 4.5% next even as it endures a continuing depreciation in its currency, a Reuters poll showed on Thursday, in line with a government forecast for the current year.

The country's already vulnerable economy was shaken further by Russia's invasion of Ukraine last year, which rocked tourism, raised commodity prices and prompted foreign investors to pull about $20 billion out of its financial markets.

Those troubles pushed Egypt to seek a $3 billion, 46-month financial support package from the International Monetary Fund that was signed in December.

"The Egyptian economy is currently in the midst of some turbulence, with a very uncertain outlook," with inflationary pressure, a drop in household purchasing power and a slowdown in major infrastructure programmes dragging down growth, BNP Paribas said in a note.

Median forecasts in the April 6-26 Reuters poll of 13 economists was for growth of 4.0% in the fiscal year ending on June 30, 4.5% in 2023/24 and 5.0% in 2024/25.