IMF lowers growth expectations for Egypt economy for the 3rd time

The International Monetary Fund (IMF) lowered its growth expectations for the Egyptian economy during 2024, while maintaining its expectations for the global economy’s growth rates.

The World Economic Outlook report issued on Tuesday stated that expectations for the growth of the Egyptian economy in the current fiscal year were reduced to three percent, compared to the 3.6 percent expectations of the report issued in October.

The IMF also reduced growth expectations for the year 2025 to 4.7 percent, compared to five percent previously.

This is the third time that the IMF has reduced its growth expectations for the Egyptian economy, which is facing enormous pressure in light of a stifling currency crisis.

Globally, expectations indicated that the global growth rate would remain at 3.1 percent in 2024 and rise to 3.2 percent in 2025.

The report also reduced its expectations for growth in the Middle East and Central Asia region, according to estimates, to 2.9 percent in 2024, a decrease of 0.5 percent from October and to 4.2 percent in 2025, a decrease of 0.3 percent from October, compared to estimates of two percent in 2023.