Egypt's economy to grow by 5% in FY 2022/2023 due to high public investments

Posted on December 5, 2022   |  

• The Egyptian economy continued to achieve a 4.4% growth during Q1 of the current fiscal year despite challenges from the Ukraine crisis, the pandemic, and the effects of climate change.
• The International Monetary Fund (IMF) expected Egypt’s real GDP to grow by 4.4% in 2023 down from its July forecast of 4.8% but global growth will drop to 2.7% in 2023 from 6% in 2021 due to the war between Russia and Ukraine and the pandemic.
• Until now, the Central Bank of Egypt (CBE) hiked the key interest rates by 5% (500 bps) in 2022 to reduce the inflationary pressure caused by elevated global inflation and the repercussions of the war in Ukraine.