IMF raises its forecast for Egyptian economy growth to 5.6% in 2022

CAIRO - 26 January 2022: The International Monetary Fund (IMF) raised its forecast for the growth of the Egyptian economy during 2022 to 5.6 percent, compared to its October expectations at 5.2 percent.

 

Chief economist at the IMF, Gita Gopinath, explained that the Egyptian economic growth outlook has improved thanks to the good performance of the Egyptian government in managing the "Covid-19" pandemic, especially in light of the global outbreak of the omicron mutator.

 

"Egypt is the only oil-importing country that has achieved positive growth thanks to the good management of the repercussions of the post-Covid-19 pandemic and the release of positive economic data,” she said.

 

On the same note, the World Bank raised its forecast for the growth of the Egyptian economy to 5.5 percent during 2022, thanks to the improvement in external demand from the main trading partners, the expansion of information and communication technology and gas extraction sectors, and the gradual improvements in tourism.

 

The IMF raised its forecast for the Middle East and Central Asia by 0.2 percent, to record a growth of 4.3 percent in 2022, supported by the increase in oil revenues and the rise in its global price.

 

It also lowered its forecast for global economic growth in 2022 by 0.5 percent to 4.4 percent, compared to last October's release.

 

The IMF had expected the global economy to grow by 4.9 percent in 2022, but the current conditions prompted the Fund to reduce expectations, affected by the declining expectations of major and emerging economies.