The IMF grew its projection for Egypt’s real GDP by 0.3% to reach a growth of 5.9% in 2022, up from 5.6% in January, before slowing to 5% in 2023.
The projection included inflation recording 7.5% in 2022 and jumping to 11% in 2023. The urban inflation rate in Egypt recorded 10.5% in March up from 8.8% in February.
The IMF also expects unemployment to fall to 6.9% in 2022 & 2023. According to CAPMAS, unemployment recorded 7.4% in 2021.
Why this matters?
The report projected MENA’s real GDP growth to reach 5% in 2022 and slowdown to 3.6% in 2023, & for global GDP to record 3.6% in 2022, down from 4.4% in its last report. This is the highest projection for an oil-importing country in the Middle East.