IMF expects Egypt's economy to grow 3.7% in 2022/23, 5% in 23/24

CAIRO - 11 April 2023: The International Monetary Fund (IMF) expected the Egyptian economy to grow by 3.7 percent during the current fiscal year 2022/2023, provided that these rates will rise to 5 percent during the next fiscal year 2023/2024.

 

In its report on global economic prospects, issued Tuesday, the IMF expected that inflation rates in Egypt would reach 21.6 percent during 2022/2023, declining to 18 percent in 2023/2024.

 

The IMF also lowered its forecast for the growth of the Middle East and North Africa economy during 2023 to 3.1 percent, down from 3.2 percent expected in January and 3.6 percent in October.

 

It expected the Saudi economy to grow by 3.1 percent in 2023 and 3.2 percent in 2024, while it expected the UAE economy to grow by 3.5 percent and 3.9 percent during the current and next year, respectively.

 

According to forecasts issued today, Kuwait's economy will grow by 0.9 percent in 2023 and 2.7 percent in 2024, while Iraq's economy will grow by 3.7 percent in 2023 and 3.1 percent in 2024.

 

The basic global economic growth expectations, which assume containing the global banking crisis and its repercussions, indicate that it may reach 2.8 percent in 2023, before rising slowly and settling at 3 percent after five years, which is the lowest medium-term forecast in decades.

 

If the global financial sector crisis is not contained, global growth will decline to 2.5 percent in 2023, which is the weakest growth since the global economic downturn in 2001 with the exception of the Corona crisis in 2020 and the global financial crisis in 2009.

 

The IMF expected the global headline inflation rate to decline from 8.7 percent in 2022 to 7 percent in 2023, under pressure from falling commodity prices, but core inflation is likely to decline more slowly.