The International Monetary Fund (IMF) today maintained its projections for Egypt’s economic growth for 2022 at 5.9 percent, according to the institution’s Research Department deputy director Petya Koeva.
The IMF, though, revised downward its estimates for Gross Domestic Product (GDP) growth in 2023 to 4.8 percent due to the repercussions of the conflict in Ukraine, which affected Egypt’s tourism sector, Koeva was quoted as saying by the Al Ahram daily.
According to official data, one third of the nation’s visitors last year came from Ukraine and Russia.
Last April, the IMF raised its projections for Egyptian GDP growth this year by 0.3 percent to 5.9 percent.
On inflation, the IMF estimates an increase in prices to 8.7 percent in 2022 and 14 percent in 2023.
According to the latest figures announced by the Central Statistics and Public Mobilization Agency, the country’s inflation slowed to 13.2 percent in June from 13.5 percent in May, its first drop in seven months.
Prensa Latina
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