BNP Paribas expects Egypt’s real GDP to hit 4% in FY 2022/2023
Updated 4/19/2023 9:35:00 AM
Arab Finance: BNP Paribas forecasts Egypt’s real gross domestic product (GDP) to reach 4% in fiscal year (FY) 2022/2023 as well as in FY 2023/2024, according to an emailed research note.
The leading international bank also projected the inflation in the North African country would hit 24.4% in the current fiscal year and 21.6% in FY 2023/2024.
The persistent crisis in Egypt is still negatively affecting all its macroeconomic indicators, according to BNP Paribas.
“Activity is slowing down against a backdrop of high inflation, caused in particular by the depreciation of the exchange rate,” BNP Paribas said.
The international financing program provided by the International Monetary Fund (IMF) has not allowed any cut in foreign exchange liquidity tensions, it said.
BNP Paribas added Egypt’s privatization program could lightly relief external financing requirements that are expected to remain high for at least two years.
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