El Said underscored the IMF’s forecast for Egypt’s growth in FY2024/2025, reported at 4.4%, noting that it was higher than the country’s own estimate of 4.2%
Minister of Planning and Economic Development (MPED), Hala El Said, revealed that the International Monetary Fund’s (IMF) estimates for Egypt’s growth for the coming fiscal year, highlighting the growing confidence of multiple global institutions in the country’s economy.
El Said underscored the IMF’s forecast for Egypt’s growth in FY2024/2025, reported at 4.4%, noting that it was higher than the country’s own estimate of 4.2%.
Egypt is currently targeting a growth rate of between 4 and 4.2% for FY2024/2025, she added, and expects a slowdown to 2.9% for the current fiscal year with growth impacted by geopolitical tensions.
During a meeting to review the economic and social development plan for the coming fiscal year, El Said met with the Financial, Economic and Investment Affairs Committee to discuss the plan and other economic indicators.
Last week, the European Bank for Reconstruction and Development (EBRD) announced its forecast for Egypt’s growth in FY2024/2025 at 4%, following the World Bank’s projection of 3.9%.
Egypt’s gross domestic product is expected to reach EGP 13.9 trillion at the end of 2024, El Said noted, with the country predicting the GDP to grow to EGP 17.3 trillion by the end of 2025.
The global economy is predicted to record an average growth rate of 3.1% by the end of the year, El Said explained citing the IMF. The fund had lowered its forecast as a result of escalating geopolitical developments which have created a sense of uncertainty in the Middle East region.
