The International Monetary Fund (IMF) forecast a growth of 4 percent in Egypt's Gross Domestic Product (GDP) in 2015, compared to 2.2 percent in 2014, which will continue to grow gradually to 4.3 percent in 2016.
On the sidelines of the spring meetings of the IMF and the World Bank in Washington, the IMF noted in the World Economic Outlook (WEO) report issued Wednesday, that "Egypt’s macroeconomic stabilization plans and wide-ranging structural reforms are expected to increase confidence, and growth is expected to rise to 4 percent this year."
"Nevertheless, continued fiscal consolidation, steady implementation of reforms, and external financing are needed to maintain macroeconomic stability and generate sustainable growth and jobs," the WEO report added.
The Consumer Price Index is predicted to be around 10.3 percent for 2015, rising to 10.5 percent in 2016.
A Current Account deficit is predicted to be around 3.3 percent for 2015 rising to 4.3 percent of the country's Gross Domestic Product in 2016.
Meanwhile, unemployment in Egypt is expected to be around 13.1 percent for 2015, declining to 12.5 percent in 2016.
The report pointed out that it expected the GDP growth in the Middle East and North Africa to reach 2.7 percent in 2015 and 3.7 percent in the next year.
