IMF raises forecast for growth of Egyptian economy to 6.6% in 2021/2022, lowers projection of next fiscal yr to 4.4%

CAIRO – 11 October 2022: The International Monetary Fund (IMF) raised its forecast for the growth of the Egyptian economy to 6.6 percent in the current fiscal year, according to its World Economic Outlook released Tuesday.

Meanwhile, it lowered its growth forecast for the 2022/2023 fiscal year to 4.4 percent and projected a rise to 5.9 percent in 2027.  

Consumer prices are projected by the IMF at 9.2 percent in 2023, which would be down from 15 percent in September 2022, as reported by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Tuesday.

The annual urban consumer inflation rate rose to 15 percent in September compared to 14.6 percent in August, while it recorded 15.7 percent in November 2018. It was only at 6.4 percent in August 2021.

Meanwhile, the overall annual inflation rate remained at 15.3 percent in September 2022, which is the same rate recorded in August.

According to a Central Bank statement, the yearly core inflation rate jumped to 18 percent in September compared to 16.7 in August. It predicts that inflation would decline in the first quarter of 2023.