Monday, October 22, 2018
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

Russian and Egyptian presidents meet to boost trade
Arab News, 17 October 2018

Russian President Vladimir Putin is hosting his Egyptian counterpart Abdel-Fattah El-Sisi for talks focusing on ways to boost trade between the two nations.

Read full story
Russian and Egyptian presidents meet to boost trade
Dubai Route 2020 station bridges work on track
TradeArabia News Service, 16 October 2018

Dubai officials said all the bridge works related to the Route 2020 network will be completed by the end of next month.

The new route covers the ...

Read full story
Dubai Route 2020 station bridges work on track
Egypt reaches $3bn financing deal with World Bank
Xinhua , 16 October 2018

The World Bank (WB) has agreed on a new financing deal of three billion U.S. dollars with Egypt, Egyptian Investment Ministry said in a statement on Tuesday.

Read full story
Egypt reaches $3bn financing deal with World Bank
Qatar’s trade volume with Germany and Italy at QR18.97bn
The Peninsula, 16 October 2018

Qatar’s economic and trade cooperation with Germany and Italy is expected to witness a major boost in the coming years. All the stakeholders, including top ...

Read full story
Qatar’s trade volume with Germany and Italy at QR18.97bn
Back to Home Page 2466 --- 0 <><><> 587.....exvideo=0....eximage=0
P 0
BR 22

3rd Annual Future Police Technology and Forensics Summit GCC 2018
12 - November 2018
3rd Annual RetrofitTech KSA
18 - November 2018
3rd Annual Mosque Design & Development Summit
26 - November 2018
3rd Annual Dubai Green Hotel Innovation
26 - November 2018
3rd Annual Future Accessibility & Assistive Technology Dubai
26 - November 2018
  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
  Food Africa Cairo - 8 December - 10 December 2018  
  Mac Fruit Attraction - 8 December - 10 December 2018  
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
Beirut Boat
Energy Lebanon
Project Lebanon
Sustainable Digital Ecosystem Summit
Heavy Max
Hospitality Qatar
HQ - Food Qatar
Project Qatar
Qatar Stone Tech
Saudi Arabia
Riyadh Motor Show
IFP Group 2018 - © All rights reserved