The International Monetary Fund (IMF) has cut its forecast for Egypt’s real gross domestic product (GDP) for the current fiscal year (FY) 2022/2023 to 3.7% from its previous projection of 4%, according to the fund’s World Economic Outlook (WEO) report published on April 11th.

The report also showed that the country’s real GDP growth for the upcoming FY 2023/2024 is projected to reach 5%, down from a previous forecast of 5.3%.

The IMF also expected Egypt’s inflation would hit 21.6% in 2023 before dropping to 18% next year.

As per the global economic growth, the IMF expects it to hit 2.8% this year before rising to 3% in 2024.

“On the surface, the global economy appears poised for a gradual recovery from the powerful blows of the pandemic and of Russia’s unprovoked war on Ukraine,” the IMF said.

“Below the surface, however, turbulence is building, and the situation is quite fragile, as the recent bout of banking instability reminded us,” it added.

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