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Egypt Growth to Reach 5.2%

Egypt Growth to Reach 5.2%Egypt Growth to Reach 5.2%

The International Monetary Fund expects economic growth in Egypt to reach 5.2% in 2018 and 5.5% in 2019, according to its new World Economic Outlook report. The report moreover forecasts growth to reach as much as 6% by 2023, reflecting the rise in domestic demand and the impact of recent economic reforms which is now harvesting their fruits, AFP reported. The IMF also predicts a decline in Egypt’s unemployment rate to 11.1% in 2018 and 9.7% in 2019 compared to 12.2% in 2017. Earlier this week, Egyptian Minister of Finance Amr el-Garhy revealed that the government’s IMF-sponsored economic reform program has yielded results, saying it helped decrease the unemployment rate by 2.3 percentage points in the past three years. The IMF also expects inflation rates in Egypt to fall to 13% in 2019 compared to 20.1% during the current fiscal year. Egypt’s official statistics body the Central Agency for Public Mobilization and Statistics reported that the annual urban consumer price inflation fell by 1.1% in March compared to February this year.

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