Lower growth ahead: The Madbouly government has downgraded its growth forecast for the current fiscal year by 0.7 percentage points, according to statements made by Planning Minister Hala El Said to CNBC Arabia yesterday (watch, runtime: 11:48). The minister said she expected the economy to grow at a 3.5% clip in the fiscal year ending June 2024, down from her previous 4.2% forecast made last month.

What she said: “This forecast may increase a little or decrease a little depending on the impact of the war on our borders,” El Said said.

This is more in line with what international monitors are saying: The IMF, the World Bank and S&P Global have in recent weeks forecast 3.5-3.7% growth in FY 2023-24.

Tags: