IMF expects Egypt to achieve 4th highest growth rate among global economies

IMF expects Egypt to achieve 4th highest growth rate among global economies

The Egyptian Cabinet’s Media Center said on Sunday that the International Monetary Fund expects Egypt to achieve the fourth highest growth rate among the most important global economies for the year 2023, despite reducing the growth expectations of most global economies.

Its statement indicated that the Egyptian state was able, through implementation of the economic reform program and the application of balanced fiscal and monetary policies, to adapt to global challenges and crises and develop appropriate solutions to contain their negative repercussions and reduce their effects on the Egyptian economy.

Efforts to improve the work environment and investment are continuing to support the productive sectors, and expand social protection initiatives, the statement added.

Egypt has therefore become one of the countries able to achieve a strong growth rate at a time when global economic growth is slowing, reflected in the optimistic view of major international institutions for the Egyptian economy.

The statement noted that the IMF maintained its expectations for the growth of the Egyptian economy for the year 2021/2022, thus exceeding global growth averages with a growth rate of 5.9 percent in July 2022 expectations, which is the same as the fund’s expectations for the growth rate of the Egyptian economy during the