Egypt's economy expected to grow by 4% on IMF reforms
Egypt's economy will grow by 4.0% in the year to the end of June as IMF measures continue to help improve its economic environment, a Reuters poll showed on Monday.
The median forecast in the Jan. 9-20 poll of 19 economists predicted gross domestic product (GDP) growth would then accelerate to 4.7% in 2025/26 and 5.0% in 2026/27.
GDP growth fell to 2.4% in 2023/24 from 3.8% a year earlier, according to central bank figures, dragged down by a currency crisis and the war in neighbouring Gaza, which has cut into Suez Canal revenue and slowed tourism.
Egypt signed an $8 billion financial reform package deal with the International Monetary Fund in March after securing $24 billion from the United Arab Emirates' sovereign fund in February for a real estate investment on the Mediterranean coast.
"We are optimistic on the prospects for Egypt's economy over the next few years," said James Swanston at Capital Economics, who forecast 5% growth for this year. "Survey data suggest that the weaker pound has started to benefit export-oriented industries via improved external competitiveness."