IMF raises its forecast for growth of Egyptian economy to 5.9% in 2022

CAIRO - 19 April 2022: The International Monetary Fund (IMF) raised its forecast for the growth of the Egyptian economy during the current year to 5.9 percent, compared to 5.6 percent  in its previous forecast, while lowering its estimates of global economic growth from 4.4 percent to 3.6 percent.

 

In its latest World Economic Outlook issued Tuesday, the IMF expected that Egypt's gross domestic product (GDP) in 2023 would grow by 5 percent.

 

The fund raised its forecast in the January update by 0.4 percent to 5.6%, compared to its expectations in October of 5.6 percent.

 

In the January update, Gita Gopinath, the IMF's chief economist, clarified that their expectations for Egyptian economic performance have 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.

 

Gopinath noted that 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.