IMF projects Egypt’s growth forecast to be 3.7% in 2023

The International Monetary Fund (IMF) projected Egypt’s growth to record 3.7 percent this year and then go up to 4.1 percent in 2024. The IMF kept its 2023 growth forecast for Egypt unchanged in its latest World Economic Outlook (WEO) report.

In a press conference, the fund stated that the lower growth in 2024 is mostly because of the lack of effects flexibility and the shortages that have developed in the effects market in Egypt, which is making it difficult for imports to happen.

The IMF also projected that inflation in Egypt would record 24.4 percent this year and would increase to 32 percent in 2024. During the presser, Petya Koeva Brooks, deputy director in the Research Department of the IMF, said that this is due to “the depreciation of the currency and all of this is underpinning our advice to have policies which restore the macroeconomic balances and also get inflation under control.”