Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

AfDB Expects Egypt's GDP Growth to Hit 4.8% during FY 2023/24

Wed 24 May 2023 | 11:03 PM
Taarek Refaat

The African Economic Outlook report expects a growth rate of 4.8% for Egypt's GDP during the fiscal year 2023/24

The African Economic Outlook report expected Egypt's GDP to grow by 4.8% during the fiscal year 2023/24, and estimated its inflation expectations at 14%.

The 238-page report for 2023 shares the same theme as the Annual Meetings: mobilizing private sector financing for climate and green growth in Africa.

The report revealed its economic forecasts for all 54 African countries on Wednesday, on the sidelines of its annual meetings held from 22 to 26 May in Sharm El-Sheikh.

The report predicted a growth of GDP in Algeria by 2.7% and an inflation rate of 7.2%, as well as a growth rate of 13% for Libya, and its inflation expectations remained at 4.6%.

In Morocco, the report estimated the growth of the GDP during the year 2023/24 at 3.4% and expected inflation to be 4.5%. The report predicted a growth of the gross domestic product in Tunisia by 2.3% and its forecast for inflation was 8%.

As for Sudan, the report predicted a growth of 2.9%, while its forecast for inflation during the next fiscal year recorded a rate of 79.4%.

As for the rest of the major African economies, the report predicted a GDP growth of 2.1% for South Africa, 5.8% for Kenya, and 3.3% for Nigeria.