The International Monetary Fund (IMF) has released its biannual World Economic Outlook (WEO) report, where it has lowered its expectations for global economic growth but raised its expectations for Egypt’s economic growth.
What is the WEO👀 The WEO provides economic analysis & forecasts of its member countries, & highlights risks that could threaten growth.
More Details🧐 The IMF expects global economic growth to decrease to 4.4% in FY 2022, down 0.5% from the October 2021 revision, due to lower expectations of GDP growth for the biggest two economies in the world, the U.S. & China.
The IMF attributed the pressure on global economies to five factors: rising energy prices, supply chain crisis, inflation, global debt crisis, & potential COVID variants.
On the other hand, the IMF raised its forecast for Egypt’s economic growth rate by 0.4% for FY 2022 to 5.6%, while expected economic growth for the MENA region increased by 0.3% to 4.4% in FY 2022.
Why is this Important🤔 The World Bank had also raised its expectations for Egypt’s economic growth in FY 2022 from 5.0% to 5.5%, & Minister of Planning & Economic Development Dr. Hala El Saeed expects a 5.5-5.7% growth in Egypt’s economy this fiscal year.
