The International Monetary Fund (IMF) lowered its forecast for Egyptian growth in 2024 from 5 percent in its World Economic Outlook report issued in April to 4.1 percent in its July report while raising its inflation forecast for the current and next years.
The IMF lowered its forecast for next year, mainly due to weak exchange rate flexibility, which resulted in a shortage in the foreign exchange market. The IMF expects Egypt's inflation to average 24.4 percent in 2023 and rise to 32 percent in 2024.
Source (Al-Asharq Al-Awsat Newspaper, Edited)
