Egypt’s economy will grow at a 4.0% clip in the current fiscal year,per the median forecast in an April poll conducted by Reuters. The figure is in line with the latest expectations from the government, the World Bank and S&P Global Ratings, all of whom have revised their forecasts for the country’s GDP growth downwards in recent weeks as global economic headwinds continue to impact us here at home. A January Reuters poll had predicted growth of 4.8% this fiscal year, which ends in June.

Looking ahead: The Reuters poll predicts growth to pick up to 4.5% next fiscal year and 5.0% in FY 2024-2025. The economy grew at a 6.6% clip last fiscal year.

More predictions from the poll:

  • Headline inflation will average 24.0% in FY 2022-2023 and 20.9% next year before falling back to 9.3% the year after;
  • The EGP will weaken to USD 34 by the end of this year, USD 35 by the end of 2024, and USD 35.07 by the end of 2025;
  • Interest rates will rise by another 50 bps to 19.75% by the end of this fiscal year before falling back to 18.25% by end-FY 2023-2024 and 13.75% by end-FY 2024-2025.
Tags: