Egypt - The International Monetary Fund (IMF) has downgraded its forecast for Egypt’s real gross domestic product (GDP) for fiscal year (FY) 2022/2023 to 4% from its previous projection of 4.4%, according to the IMF’s World Economic Update report for January.

The report showed that the country’s real GDP growth for FY 2023/2024 is projected to reach 5.3%.

As per the global economic growth, the IMF expects it to decline to 2.9% in 2023.

Moreover, the major financial agency projects global growth to likely rise to 3.1% in 2024.

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