URGENT: IMF maintains Egypt’s growth forecast for 2024, 2025

The International Monetary Fund (IMF) on Tuesday maintained its growth outlook for Egypt, projecting 2.7 per cent growth in 2024 and 4.1 per cent in 2025. These figures remain unchanged from the IMF’s July World Economic Outlook.

According to its October World Economic Outlook, the IMF expects Egypt’s inflation to reach 33.3 per cent in 2024 and 21.2 per cent in 2025. By the end of 2024, inflation is projected to be at 27.5 per cent, and it is expected to further decline to 16.0 per cent by the end of 2025.

The Washington-based international lender also forecasts that Egypt’s current account balance will be -6.6 per cent in 2024 and -6.4 per cent in 2025. Unemployment is projected to reach 7.2 per cent in 2024 and 7.4 per cent in 2025.

Attribution: IMF October World Economic Outlook 2024

Subediting: M. S. Salama