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IMF upgrades forecast for Egypt’s economic growth in FY 2021/2022

IMF upgrades forecast for Egypt’s economic growth in FY 2021/2022

ArabFinance: The International Monetary Fund (IMF) raised its economic growth projections for Egypt in fiscal year (FY) 2021/2022 to 5.7% and 2.5% in FY2020/2021, according to the IMF’s fiscal monitor report released on April 7th.

The IMF said that Egypt’s fiscal position has improved over the past six months, though debt is expected to rise at a quicker pace than before.

The current account will widen to 4% this year before narrowing gradually to 2.5% by the middle of the decade.

Egypt’s unemployment rate is projected to increase to 9.8% in FY 2021/2022 from 8.3% in FY 2019/2020.

The deficit is now forecast to shrink to 4.2% of GDP by the middle of the decade, compared to the 3.8% projection the IMF published in October 2020.

Egypt’s public debt is now projected to reach almost 93% of gross domestic product (GDP) by the end of the current fiscal year from 90.2% the year before.

“The COVID-19 crisis saw an unprecedented use of unconventional monetary policy instruments among emerging market and developing economies,” the report highlighted.

Egypt’s budget posted a primary surplus of EGP 25 billion during the first nine months of FY 2020/2021.

 

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