Monday, May 20, 2019
Directory Directory Subscribe

Egypt to reach growth rate of 5.5% in 2019: IMF


Please, enter data

Please, enter data

Egypt Today, 9 October 2018

The International Monetary Fund (IMF) expected Egypt’s economy to record a growth rate of 5.3 percent in 2018 and 5.5 percent in 2019, compared to 4.2 percent in 2017.

IMF forecasted in a report released in Bali, Indonesia on the sidelines of the autumn meetings of the IMF and the World Bank that the growth rate in Egypt will hit 6 percent in 2023.

IMF added that the level of sound foreign reserves and the flexible exchange rate make the Egyptian economy well positioned to manage any acceleration in foreign inflows.
The report also stressed the need to maintain sound macroeconomic frameworks and implement consistent policies to maintain macroeconomics.

The report entitled “The World Economic Outlook - October 2018” attributed these results to the rise of neutral gas production, the recovery of the tourism sector, as well as the continued improvement of the confidence of the global business community in Egypt’s economy as a result of the implemented economic reforms.

Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit.

The country floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF).

Regarding inflation, the report expected the rate to decline to 20.9 percent in 2018, compared to 23.5 percent in 2017, anticipating it to reach 14 percent in 2019 and 7 percent in 2023.

The current account deficit would reach about 2.6 percent of gross domestic product (GDP) compared to a deficit of 6.3 percent in 2017 and it would continue to decline to 2.4 percent in 2019 and 1.2 percent in 2023, according to the report.

The report also predicted that the unemployment rate will drop to 10.9 percent in 2018 from 12.2 percent in the previous year and will continue to fall to 9.9 percent in 2019.

The autumn meetings of the International Monetary Fund (IMF) and the World Bank Group began in Bali, Indonesia on Monday, Oct. 8 and will continue until October 14, in the presence of Egypt’s Finance Minister Mohammad Ma’it and Minister of Investment and International Cooperation Sahar Nasr.

Egypt Today

Login to Add Your Comment  (for subscribers) | Subscribe


Latest News

Saudi Arabia ‘set for improved deficit in 2018’
TradeArabia News Service, 2 November 2018

Saudi Arabia’s deficit of SR49 billion ($13 billion) during the first nine months of 2018 was less than the financing of SR52 billion obtained in the first ...

Read full story
Saudi Arabia ‘set for improved deficit in 2018’
Turkish foreign minister hails ties with Qatar
Andalou Agency, 2 November 2018

Turkey's foreign minister on Thursday hailed the state of bilateral relations with Qatar.

Speaking at a meeting with Qatari Deputy Prime ...

Read full story
Turkish foreign minister hails ties with Qatar
Egypt reaches deal with IMF on $2 billion loan payment
The Daily Star, 2 November 2018

Egypt has reached an agreement with the International Monetary Fund on the release of the next $2 billion loan installment, the fifth under the country’s ...

Read full story
Egypt reaches deal with IMF on $2 billion loan payment
South Korea wins $500m deal for electricity in Iraq
Iraq Business News, 1 November 2018

South Korea’s STX Marine Service has reportedly won a contract to restore and operate diesel-fueled electric power plants in Iraq.

According ...

Read full story
South Korea wins $500m deal for electricity in Iraq
Back to Home Page 2466 --- 0 <><><> 587.....exvideo=0....eximage=0
P 0
BR 22

Qatar Water Infrastructure
1 - September 2019
2nd Building Capability and Future Careers 2019
16 - September 2019
Future Drainage & Stormwater Networks Abu Dhabi 2019
29 - September 2019
Abu Dhabi Smart City Summit
29 - October 2019
Wet Infrastructure Summit
4 - November 2019
  View more  

Market Indecies
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%

Quick Links
  Brochures & Flyers  

Up-coming events
  pacprocess Middle East Africa - 9 December - 11 December 2019  
  Food Africa Cairo - 9 December - 11 December 2019  
IFP Group Events Calendar

Magazine sections
  Growth Markets  
  Regional Overview  
  Tips and Tricks  
  Home Finance  
  Our Meetings
  Legal Issues


IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
4P East Med
Energy Lebanon
Interior & Design
Project Lebanon
Tripoli International Conference and Exhibition
Hospitality Qatar
Project Qatar
Erbil International Fair
Iraq Agro-Food - Erbil
Project Iraq - Erbil
Saudi Arabia
Riyadh Motor Show
IFP Group 2019 - © All rights reserved