IMF raises Egypt’s real GDP growth forecasts to 3.3% in 2021

The International Monetary Fund (IMF) has raised Egypt’s real GDP growth projections for 2021 to 3.3 percent.

The Washington-based lender maintained its expectation for the country’s GDP growth at 5.2 percent in 2022.

In its updated report on the World Economic Outlook issued on Tuesday on the sidelines of the IMF and World Bank Group’s annual meetings, the IMF expected Egypt’s inflation rate to reach 4.5 percent in 2021 and to accelerate to 6.3 percent in 2022.

Egypt’s current account balance is also expected to diminish to 3.9 percent in 2021 and edge down to 3.7 percent in 2022, the IMF report read.

In terms of unemployment, it is expected to accelerate to 9.3 percent in 2021 before falling slightly to 9.2 percent in 2022, surpassing 2020’s 8.3 percent, the report added.