The Clap
The IMF expects Egypt’s economy to grow by 5.9% in the financial year 2021-2022. In the financial year 2022-2023, the expected growth is 4.8%.
The Deets
In April, the economic growth for Egypt was expected to be 5.9% for the financial year 2021-2022. In July, they maintained the same expectation.
The expectations as of July for the year financial year 2022-2023 has gone down by 0.2%, to become 4.8%. In April, the expected economic growth was 5%.
The world economy saw a reduction in expected growth by 0.4%, going down from 3.6% to 3.2%. This economic slowdown in the world is evident as a result of COVID 19.
Countries were put under financial and economic pressure, and this slowed down the economic growth. The IMF predicts inflation will go back to precovid levels by the end of 2024.
Additional Information
The financial year in Egypt begins from the first of July and ends at the end of June.
IMF shares expectations regarding Egypt’s economic growth 🇪🇬
