AfDB highlights Egypt’s easing inflation, lowers avg. inflation rate forecast for next FY

Egypt’s average inflation rate for the coming fiscal year is expected to hit 14 percent, according to the African Economic Outlook 2023 revealed during the African Development Bank Group’s (AfDB) annual meetings.

This is lower than the previously forecasted 20 percent, with AfDB pointing to “high food and nonfood prices and the devaluation of the Egyptian pound against the US dollar."

Egypt’s GDP is expected to grow to 4.8 percent in FY2023/2024, slightly higher than the previously forecasted 4.4 percent for the current fiscal year.