IMF raises its forecast for Egypt’s economy growth to 2.8% in 2020/21

IMF raises its forecast for Egypt’s economy growth to 2.8% in 2020/21

International Monetary Fund (IMF) - REUTERS







CAIRO – 10 January 2021: International Monetary Fund (IMF) raised its forecast for the Egyptian economy for 2020/2021 to 2.8 percent, from 2 percent in its forecast in June 2020.

 

In the report of the first review of the Credit Standards Arrangement Program for Egypt, the IMF expected the growth of the Egyptian economy by about 5.5 percent during the fiscal years 2021/2022 and 2022/2023.

 

According to the report, the growth of the Egyptian economy in 2024/25 is expected to reach 5.8 percent, after recording 5.6 percent in 2023/24.

 

The report pointed out that the abolition of closure measures and partial curfew in Egypt helped to show the Egyptian economy "early signs of recovery" after a more moderate slowdown than expected.

 

Egypt was one of the few countries that recorded growth during 2020, and the report estimated the growth of the Egyptian economy in 2020 by 1.5 percent.

 

On the other hand, this will mean that the 2022/2021 fiscal year will witness