The IMF mission anticipates normalization of growth one year after the strong performance resulting from the World Cup and estimates that the country’s economy could grow by 5%.
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According to the IMF, products such as food have been strongly impacted by inflation in the Middle East and North Africa region.
Due to foreign trade performance, the International Monetary Fund projects an increase of 5.3% for the country’s GDP this year, 1.6% above the April estimate. For next year, however, the outlook has worsened.
December 4 will see the termination of the mechanism guaranteeing that foreign investors could pull out their money in dollars after selling their investments in Egyptian securities. The move could allow more volatility for the Egyptian pound.
The Fund expects the country’s economy to grow 1.4% this year. Forecast was revised down in 0.4 percentage point over July’s estimate.
The Arab country’s economy will see 1% to 1.5% growth in 2018 before eventually reaching 3% in the medium term. With a heightened public debt, it needs international aid in welcoming Syrian refugees, the Fund said.
