The Cabinet’s Media Center published a report highlighting the International Monetary Fund (IMF) raising its expectations for the growth of the Egyptian economy, despite the negative repercussions of the Russian-Ukrainian crisis on global growth rates and the various challenges it posed, with the support of the state’s economic and structural reforms, which contributed to alleviating From the severity of the negative effects of the crisis, and the absorption of external shocks.
The report indicated an improvement in the Fund’s expectations of the growth rate of the Egyptian economy for the fiscal year 2021/22, as it recorded 5.9% in the expectations of April 2022, compared to 5.6% in the expectations of January 2022, and 5.2% in the expectations of October 2021.
The report also showed that the growth rate of the Egyptian economy exceeded the global average growth, as it will record 5.9% in 2021/22, compared to 3.6% the expected global growth rate, indicating at the same time that the growth rate of the Egyptian economy continues to exceed the average global growth, as it will record 5% in 2022/23, compared to 3.6% average global growth.
The fund expected that Egypt would achieve the second highest growth rate in the Middle East and North Africa region (MENA) by FY2022/23.
It expected that the inflation rate will record 7.5% by the end of 2022, which is within the target range of the central bank of 7% (±2%). The unemployment rate for 2022 is also expected to record 6.9%, in the April 2022 forecast, compared to 9.2% in October 2021 forecast.
The Egyptian economy will achieve one of the highest global growth rates for 2022 to record more than 5%, according to the IMF expectations for FY2021/22.
Other countries whose growth expectations exceeded 5%
The report stated that among the countries whose growth expectations exceeded 5% were also Iraq, India, Saudi Arabia, Kenya, and Colombia, while the countries whose growth expectations were higher than 4-5% included Spain, Uganda, Tanzania, China, Botswana, and Cameroon, The UAE and Australia.
The countries whose growth expectations were higher than 3- 4% included Argentina, Pakistan, Singapore, Canada, Britain, Hungary, the United States, Poland, and Nigeria.
As for the countries that recorded growth expectations above 2-3%, include Angola, the Netherlands, Switzerland, France, Germany, Turkey, Belgium, and Mexico.
The growth expectations of South Africa, Morocco and Chile recorded more than 1% to 2%, Yemen, Brazil, and Sudan are all above 0-1%.
The Fund also expected that the economies of Russia, Belarus, and Ukraine would contract in 2022.
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