The Egyptian Cabinet’s Media Center said on Sunday that the International Monetary Fund expects Egypt to achieve the fourth highest growth rate among the most important global economies for the year 2023, despite reducing the growth expectations of most global economies.
Its statement indicated that the Egyptian state was able, through implementation of the economic reform program and the application of balanced fiscal and monetary policies, to adapt to global challenges and crises and develop appropriate solutions to contain their negative repercussions and reduce their effects on the Egyptian economy.
Efforts to improve the work environment and investment are continuing to support the productive sectors, and expand social protection initiatives, the statement added.
Egypt has therefore become one of the countries able to achieve a strong growth rate at a time when global economic growth is slowing, reflected in the optimistic view of major international institutions for the Egyptian economy.
The statement noted that the IMF maintained its expectations for the growth of the Egyptian economy for the year 2021/2022, thus exceeding global growth averages with a growth rate of 5.9 percent in July 2022 expectations, which is the same as the fund’s expectations for the growth rate of the Egyptian economy during the month of April of the same year.
Continued growth in 2023
The report mentioned the IMF’s expectations for growth rates in 2023, anticipating Egypt would grow at a rate of 4.8 percent while India would register a growth rate of 6.1 percent, Pakistan 3.5 percent, and Iran two percent in 2022/2023.
The report monitored the fund’s expectations for the growth rates of the most important global economies during 2023, as it is expected to reach 5.2 percent in Indonesia, five percent in the Philippines, 4.7 percent in Malaysia, 4.6 percent in China, four percent in Thailand, 3.9 percent in Kazakhstan, and 3.7 percent in Saudi Arabia, 3.5 percent in Turkey, 3.2 percent in Nigeria, 3 percent in Argentina, 2.2 percent in Australia, and 2.1 percent in South Korea.
The report also touched on the most prominent comments of the IMF on the performance of the Egyptian economy since the beginning of the crisis and how to confront it.
The IMF confirmed in April 2022 that it had a very successful experience with Egypt.
Egypt’s steps forward
Egypt is now taking serious steps to support its financial stability and its continuation in implementing reforms, according to the IMF.
It also expected that unemployment rates would drop to 6.9 percent during 2022 and 2023 compared to 2021, during which unemployment rates reached 7.3 percent.
The reported added that in July the IMF team thanked the Egyptian state for their frank and constructive discussions, after the IMF team and the Egyptian authorities held fruitful discussions on the policies and economic reforms to be supported during the coming period.
The IMF emphasized that Egypt and the fund’s program had achieved the primary goal of maintaining the stability of the economy over the past years, explaining that moving forward there was a need to make decisive progress with deeper reforms to enhance private sector development and improve governance.