Planning Minister highlights IMF’s forecast for Egypt’s growth at 4.4% for FY24/25

Cairo – May 22, 2024: The International Monetary Fund’s (IMF) forecast for Egypt’s growth for the coming fiscal year (FY2024/2025) was raised to 4.4 percent, explained Minister of Planning and Economic Development, Hala El Said.

El Said added that the IMF’s projection is more optimistic than the country’s own estimate of 4.2 percent.

Egypt is currently targeting a growth rate of between 4 and 4.2 percent for FY2024/2025, she added, and expects a slowdown to 2.9 percent for the current fiscal year with growth impacted by geopolitical tensions.

During a meeting to review the economic and social development plan for the coming fiscal year, El Said met with the Financial, Economic and Investment Affairs Committee to discuss the plan and other economic indicators.

Last week, the European Bank for Reconstruction and Development (EBRD) announced its forecast for Egypt’s growth in FY2024/2025 at 4 percent, following the World Bank’s projection of 3.9 percent.

Egypt’s gross domestic product is expected to reach LE 13.9 trillion at the end of 2024, El Said noted, with the country predicting the GDP to grow to LE 17.3 trillion by the end of 2025.

The global economy is predicted to record an average growth rate of 3.1 percent by the end of the year, El Said explained citing the IMF. The fund had lowered its forecast as a result of escalating geopolitical developments which have created a sense of uncertainty in the Middle East region.