International Monetary Fund (IMF) - REUTERS
CAIRO – 8 April 2019: The International Monetary Fund (IMF) announced Saturday the fourth review of Egypt's economic reform program, which highlighted several positive indicators on the performance of the Egyptian economy and the expectations of the next fiscal year 2019/2020.
Egypt Today reviews the most significant figures in the IMF’s report, which are:
- The expected growth rate for Egypt’s economy during fiscal year 2019/2020 is 5.9 percent, compared to 5.5 percent during current fiscal year 2018/2019.
- Foreign direct investment (FDI) inflows to Egypt are expected to hit $11.2 billion in 2019/2020, compared to $9.5 billion during 2018/2019.
- Inflation rate to drop to 10.7 percent by the end of next fiscal year, compared to the expected 14.5 percent by the end of the current fiscal year.
- IMF also expected Egypt’s gross domestic product (GDP) to hit LE 6.458 trillion in 2019/2020, compared to LE 5.414 trillion during the current fiscal year.
- Foreign reserves are expected to rise to $45.5 billion in 2019/2020, compared to $44.9 billion in 2018/2019.
- The average unemployment rate is anticipated to decline to 8.3 percent in the coming fiscal year, compared to the expected 9.6 percent in 2018/2019.
- The report also forecasted Egypt’s population to rise to 101.5 million during 2019/2020, compared to 99.2 million in 2018/2019.
Egypt’s fiscal year starts in July 1, and ends in June 30 of the next year.