20 Apr 2022

The IMF (International Monetary Fund) has raised its projection for the Egyptian economy’s 2022 GDP growth to 5.9%, up from 5.2% in October 2021 and 5.6% in January 2022. The forecast for 2023 is 5%. These forecasts represent the highest growth rate among all oil-importing countries in the Middle East. From a regional perspective, the IMF expects the MENA (Middle East & North Africa) region’s GDP to grow at 5% in 2022, a downgrade from a 5.8% forecast made in 2021. For 2023, growth is projected at 3.6%. Global GDP growth is also forecast at 3.6% in both 2022 and 2023. The revised projections appeared in the IMF’s latest World Economic Outlook report, which was released during the annual meeting between the IMF and the World Bank. The Egyptian government has recently slightly reduced its expectation for FY22/23 GDP growth down to 5.5% in light of the negative global economic repercussions of the Russia-Ukraine conflict. (Sources: IMF (English) (Arabic), State Information Service (English) (Arabic), Zawya (English) (Arabic), al-Ahram (English) (Arabic), Egypt Today (English), See News (English), al-Maal, Amwal al-Ghad, Economy Plus Me, al-Youm al-Saabe, al-Masry al-Youm, al-Watan, al-Dustour, Akhbar al-Youm, Sada el-Balad, Masrawy, Forbes Middle East)