Experts: Egypt economy poised for 4% growth

Businessmen Team economy 21 January 2025 03:08 PM

Experts: Egypt economy poised for 4% growth

A Reuters poll forecasts a 4% growth in Egypt's economy in the fiscal year ending next June. The poll, based on forecasts from 19 economists, anticipates continued economic improvement driven by ongoing reforms, particularly those undertaken under the International Monetary Fund (IMF) agreement reached last March.

The poll projects GDP growth to reach 4.7% in the fiscal year 2025-2026 and 5% in 2026-2027.

A month earlier, Egypt signed a historic agreement to launch the development project of Ras El Hekma City in Matrouh Governorate with the Emirati side.

It's important to note that Egypt's GDP growth slowed to 2.4% in the fiscal year 2023-2024, down from 3.8% in the previous year, primarily due to the impact of the Gaza war on Suez Canal revenues and tourism.

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Economic reforms economy growth poll fiscal year International Monetary Fund IMF GDP Suez Canal Ras El Hekma UAE