Fitch Solutions raises Egypt’s FY24 GDP forecast to 4.4% on bullish gulf investors

Fitch Solutions has on Wednesday raised its growth forecast for Egypt’s economy to 4.4 percent for the current financial year, from 4.2 percent earlier, on the back of an increase in gulf investments.

Fitch explained in a recent report that the Egyptian government’s privatisation plan has bolstered the gulf investments.

The report also expects a rise in gulf investment spending by gulf countries in Egypt during the coming period. However, the report believes that economic growth remains weak due to a significant rise in inflation rates and its impact on consumption.