Egypt to see a drop of 4.5% in economic growth in FY 2022/2023

Posted on December 26, 2022   |  

In FY 2022/2023, inflation is likely to surpass the Central Bank of Egypt’s (CBE) target range and remain in double digits, which is influenced by the devaluation of the EGP, supply bottlenecks, and the potential changes in fuel prices.

Higher interest rates with the government social mitigation package, are likely to slow down fiscal consolidation via FY 2022/2023.

Concerning the state’s FY2022/2023 budget, the international financial institution anticipated spending on health and education to drop to 1.3% and 2% of gross domestic product (GDP), respectively.