The International Monetary Fund (IMF) has adjusted its forecast for Egypt’s real gross domestic product (GDP) for the current fiscal year 2023/2024, lowering it to 4.1 percent. This revision comes as per the IMF’s World Economic Outlook (WEO) and represents a decrease from the previous projection of five percent.
However, the IMF maintained its projection for Egyptian economic growth at 3.7 percent for the past fiscal year 2022/2023. At the same time, the global economic growth outlook for FY 2023/24 has been estimated at three percent by the IMF.
The IMF emphasized that in most economies, the primary focus should be on achieving sustained disinflation while ensuring financial stability. As a result, the IMF advised central banks to concentrate on restoring price stability and bolstering financial supervision and risk monitoring.
“In most economies, the priority remains achieving sustained disinflation while ensuring financial stability,” the IMF said.
“Therefore, central banks should remain focused on restoring price stability and strengthening financial supervision and risk monitoring,” it added.
