Thursday, April 15, 2021

International Monetary Fund: The growth of the Egyptian economy increased to reach 5.7% in 2022

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Today, Tuesday, the International Fund expected Egyptian GDP growth rates to increase in 2022, to reach 5.7%, after recording 2.5% in 2021.

The Fund added, the latest global economic prospects report, released today, Tuesday, that it expects the current account balance to decline to 2.5% in 2026, expecting a significant decline in the unemployment rate in 2022.

The report added that the asset purchase program that the Egyptian government targeted to buy shares has shown its effectiveness during the period of the “Covid-19” pandemic. As it contributed to sparing the companies from the increase in interest rates resulting from the high returns from the availability of liquidity in the financing markets.

Last February, the International Monetary Fund praised the successes achieved by the Egyptian economic reform program. Enabled Egypt to face the effects of the Corona pandemic

The Egyptian financial performance indicators during the period from July to March of the current fiscal year 2020/2021 witnessed an unprecedented improvement. As a result of the economic and financial policies and reforms pursued by the government, where a first surplus of 25 billion pounds was achieved, despite the negative repercussions of the Corona crisis on economic activity, according to data from the Ministry of Finance.

Gita Gopinath, the economic advisor and director of the research department at the IMF, said that the national reform program implemented by Egypt since November 2016 has succeeded in enhancing financial and monetary stability as well as building a strong cover from foreign exchange reserves.

She added that the program strengthened the macroeconomic strength in Egypt, which created sufficient space for the government to act quickly and efficiently when the Corona crisis appeared.

The World Economic Outlook confirmed that the uncertainty in the world due to the Covid-19 pandemic makes it difficult to establish a balance of risks around the central expectations; As governments try to balance the provision of healthcare services and relief from the coronavirus with meeting future needs to withstand any future risks.

The report added that there is also uncertainty about the effectiveness of vaccines against new strains of the virus. Where the delay in providing vaccines around the world may cause virus mutations resistant to the current vaccines, and a new outbreak of the virus that may cause health restrictions to be placed again to limit the outbreak.

The report indicated that the outlook for the Middle East region remained unchanged in 2021, depending on the size of the pandemic outbreak, the launch of vaccines, dependence on tourism, developments in oil prices, and the policies and procedures followed in each country.

Source: A.A.A.

The article The International Monetary Fund: The growth of the Egyptian economy increased to reach 5.7% in 2022, it was written in Al Borsa newspaper

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