A “Reuters” poll showed that the Egyptian economy will grow by 4.8 percent in the current fiscal year, which is faster than the government expected, but it will not achieve its goals in the medium term.
The projections follow last month's approval of a $3 billion bailout package from the International Monetary Fund, which was sought after the war in Ukraine damaged the tourism sector, raised the prices of primary commodities, and prompted foreign investors to withdraw about $20 billion from the financial markets in Egypt.
The median forecast in the “Reuters” poll was higher than the government's forecast of 4.0 percent growth in a letter of intent dated November 30 to the International Monetary Fund. However, the survey predicted for the next three years growth of 4.5, 5.3, and 5.4 percent, which is lower than the government's medium-term expectations. The government expects growth to pick up to between 5.5 and 6 percent in the medium term, as current pressures ease and the structural reform agenda is implemented.
Source (Al-Arabiya.net Website, Edited)
