IMF upgrades Egypt’s real GDP growth 2022 forecasts to 5.6%

The International Monetary Fund (IMF) upgraded its projections for Egypt’s real GDP growth for 2022 to 5.6 percent, compared to the fund’s October 2021 forecasts, said Petya Koeva Brooks, IMF’s deputy director of the research department.

Brooks made her remarks to Ahram Online on the sidelines of a presser on Tuesday to launch the Fund’s updated report on the world economic outlook.

The IMF official said that Egypt managed to do well amid the pandemic compared to oil-importer countries, adding that the impact of COVID-19 on the Egyptian economy has been well managed so far.

There is stronger data coming in terms of Egypt’s economic performance that drove the revising up of its real GDP growth without giving further details, she added.

However, Brooks noted that the Omicron variant and its impact on the economy may bring uncertainty, especially for Egypt’s tourism sector.