The Clap
The IMF reduced its forecast for the growth of the Egyptian economy in the 2022/2023 fiscal year, to 4.4% instead of 4.8%.
The Deets
Despite the lower forecast, the Egyptian economy is considered one of the highest-growing economies among oil-importing countries in the Middle East and Central Asia.
The IMF left its forecast for the growth of the global economy during 2022 unchanged at 3.2%, but lowered its forecast for 2023 to be 2.7%.
Why this Matters
This is the second time the IMF lowered its forecast for the growth of the Egyptian economy after lowering it in July 2022 from 5% to 4.8%.
For the full IMF report, click here.
