IMF upgrades Egypts real GDP growth for 2022 to 5.6%

ArabFinance: The International Monetary Fund (IMF) upgraded Egypts real GDP growth by 0.4% in 2022 to 5.6%, compared to the funds October 2021 projections, according to Petya Koeva Brooks, the IMFs deputy director of the research department.

Brooks noted that Egypt managed to do well amid the pandemic compared to oil-importer countries, adding that the impact of COVID-19 on the Egyptian economy has been well managed so far.

She also pointed out that there is stronger data coming in terms of Egypts economic performance that drove the revising up of its real GDP growth without giving further details.

She further noted that the Omicron variant and its impact on the economy may bring uncertainty, especially for Egypts tourism sector.

It is worth noting that the World Bank also rose its projection for Egypts real GDP growth in 2022, according to its global economic prospects report that was issued in January.

Accordingly, the World Bank upgraded its forecasts for Egypts real GDP growth to 5.5% in FY 2021/2022 while maintaining the countrys outlook for FY 2022/2023 at the same rate of 5.5%.