CAIRO: Egypt’s economic growth is expected to increase by 3.3 percent in 2016, compared to 4.2 percent increase a year earlier, the International Monetary Fund (IMF) stated Tuesday.
In its World Economic Outlook report published Tuesday, the IMF forecast a 4.3 percent growth in the country’s economy in 2017.
In its most recent report released in October, the IMF projected potential economic growth in Egypt at 4.3 percent in the fiscal year ending June 2016. However, the expectation decreased due to the country’s ailing tourism sector and lack in foreign currency.
The aforementioned crises have recently pushed the Egyptian government to lower its growth rate expectations during the fiscal year 2015/2016 to 4.2 percent up from earlier expectations that have ranged from 5 percent to 5.5 percent.
The IMF report also predicted Egypt’s consumer prices to decrease in 2016 to 9.6 percent compared to 11 percent in 2015 and slow to 9.5 percent in 2017.
The employment rate is expected to reach 13 percent in 2016 up from 12.9 percent in 2015 and to slow to 12.4 percent in 2017, according to the report.