{"id":618622,"date":"2024-04-17T00:00:00","date_gmt":"2024-04-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/17\/imf-holds-its-growth-forecast-steady-for-egypt-for-the-current-fiscal-year\/"},"modified":"2024-04-17T00:00:00","modified_gmt":"2024-04-17T00:00:00","slug":"imf-holds-its-growth-forecast-steady-for-egypt-for-the-current-fiscal-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/17\/imf-holds-its-growth-forecast-steady-for-egypt-for-the-current-fiscal-year\/","title":{"rendered":"IMF holds its growth forecast steady for Egypt for the current fiscal year"},"content":{"rendered":"

The IMF left its growth forecast for Egypt for the current fiscal year unchanged at<\/strong> 3.0%<\/strong> in its updated World Economic Outlook (pdf)<\/a> released yesterday, after having successively downgrading<\/a> the country\u2019s GDP forecast in previous reports.<\/p>\n

This is more optimistic than the World Bank\u2019s recent revision: <\/strong>The World Bank downgraded our growth outlook for the current fiscal year 0.7 percentage points to 2.8%<\/a> earlier this week on the back of \u201csluggish industrial sector performance,\u201d high inflation, and regional conflicts impacting Suez Canal revenues and tourism receipts. <\/p>\n

But more pessimistic than the government outlook: <\/strong>The Madbouly government sees the economy growing at a 3.5% clip<\/a> in the fiscal year ending June 2024. <\/p>\n

The economy is expected to pick up in the next fiscal year, but at a slower pace than<\/strong> previously thought:<\/strong> The IMF dampened its expectations of growth for FY 2024-25 to 4.4% from its last prediction of 4.7% in January. <\/p>\n

While over in inflation nation:<\/strong> Consumer prices are set to increase 32.5% y-o-y on average in the current fiscal year, an upward revision of the Fund\u2019s previous prediction of 32.2%<\/a> and up from 24.4% in the previous fiscal year. <\/p>\n

ICYMI:<\/strong> Our inflation trajectory has become increasingly hard to forecast after the annual urban rate of inflation cooled 2.4 percentage points<\/a> to 33.3% y-o-y in March, defying analyst forecasts<\/a> that saw inflation increasing in the month. While the month before, analyst forecasts were off the mark a whole ten percentage points, but this time in the other direction<\/a>, as inflation unexpectedly jumped 5.9 percentage points in February to 35.7% after having cooled<\/a> for four consecutive months.<\/p>\n

\n

THE REGIONAL OUTLOOK-<\/p>\n

The IMF lowered its MENA growth outlook for the year by 0.1 percentage point, <\/strong>now expecting regional growth to pick up to 2.8% in 2024, up from 2.0% the year before. The report pointed to the downward revision of Iran\u2019s forecast as the main driver behind the cut on the back of projected lower non-oil activity and oil revenues in the country. <\/p>\n","protected":false},"excerpt":{"rendered":"

This is the first time in several months that the IMF has not downgraded its growth forecast for Egypt<\/p>\n","protected":false},"author":1,"featured_media":618623,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72,348,272,182],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-gdp","tag-imf","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"292b8067-3a67-43fc-bbef-17c9907521e8","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/94.jpg","photo_position":"above","homepage_title":"IMF holds its growth forecast steady at 3.0%","full_issue_title":"IMF holds its FY 2023-24 GDP forecast steady at 3.0% for Egypt","related_issue":[618617],"teaser":"This is the first time in several months that the IMF has not downgraded its growth forecast for Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.a2f206d6-7b2d-4426-8ba2-1f3d6dafcc01.mp3"},"yoast_head":"\nIMF holds its growth forecast steady for Egypt for the current fiscal year - 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The IMF now sees the budget deficit narrowing to\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579278,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/01\/imf-trims-egypt-growth-forecast\/","url_meta":{"origin":618622,"position":1},"title":"IMF trims Egypt growth forecast","author":"enterpriseam admin","date":"1 February 2023","format":false,"excerpt":"The IMF has cut its economic growth forecast for Egypt, saying it sees GDP growing 4.0% this year, a 0.4 percentage point trim from its previous forecast in October, according to its updated World Economic Outlook released yesterday (here and here, pdf). That\u2019s in line with forecasts from the Madbouly\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/3.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593994,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/16\/imf-downgrades-expectations-for-2019-global-growth-amid-synchronized-slowdown\/","url_meta":{"origin":618622,"position":2},"title":"IMF downgrades expectations for 2019 global growth amid \u201csynchronized slowdown\u201d","author":"enterpriseam admin","date":"16 October 2019","format":false,"excerpt":"IMF downgrades 2019 global growth outlook to 3%: The global economy is in a \u201csynchronized slowdown,\u201d IMF Chief Economist Gita Gopinath said in the fund\u2019s latest World Economic Outlook (pdf), which has again downgraded its 2019 growth projections to 3.0% from 3.3% in its April report. 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The deficit stood\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/353.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":658906,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/19\/imf-world-bank-cut-egypts-growth-forecast\/","url_meta":{"origin":618622,"position":4},"title":"IMF, World Bank cut Egypt's growth forecast","author":"enterpriseam admin","date":"19 January 2025","format":false,"excerpt":"The IMF now sees the economy growing at a 3.6% clip during the current fiscal year","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1175.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559609,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/27\/egypts-gdp-to-grow-2-8-this-fy-imf-is-out-with-a-more-optimistic-global-forecast\/","url_meta":{"origin":618622,"position":5},"title":"Egypt\u2019s GDP to grow 2.8% this FY + IMF is out with a more optimistic global forecast","author":"enterpriseam admin","date":"27 January 2021","format":false,"excerpt":"Egypt\u2019s economy will grow at a 2.8% clip in FY2020-2021, according to a Reuterspoll of economists. This is a downwards revision from the 3.3% growth economists predicted in the last poll the newswire conducted in October. The forecast sits at the lower end of the Finance Ministry\u2019s most recent GDP\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=618622"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618622\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/618617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/618623"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=618622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=618622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=618622"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=618622"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=618622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}