CAIRO – October 11, 2022 In its World Economic Outlook published on Tuesday, the International Monetary Fund (IMF) increased its prediction for the growth of the Egyptian economy in the current fiscal year to 6.6%.
In the meantime, it revised upward its growth prediction to 5. 9 percent in 2027 from its previous expectation of 4. 4 percent for the fiscal year 2022–2023.
The IMF predicts that consumer prices will be nine.
2% in 2023, falling from 15% in September 2022, according to data released on Tuesday by the Central Agency for Public Mobilization and Statistics (CAPMAS).
In September, the annual urban consumer inflation rate increased to 15% from 14.6% in August, and it reached 15.7% in November 2018. In August 2021, it was only at 6.4%.
Meanwhile, the overall annual inflation rate remained at 15. 3 percent in September 2022, which is the same rate recorded in August.
According to a Central Bank statement, the yearly core inflation rate jumped to 18 percent in September compared to 16. 7 in August. It foresees a drop in inflation in the first quarter of 2023.
IMF decreases projection for the upcoming fiscal year to 4.4% while raising expectation for growth of the Egyptian economy to 6.6% in 2021/2022.
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