Egypt's economic growth is expected to be slower than forecast earlier, while inflation would stay higher and the Egyptian pound would weaken a little more than previous projections, a Reuters poll showed.
with a protracted shortage of foreign currency, record inflation and a rising debt burden despite the economy maintaining relatively steady growth through shocks caused by COVID-19 and the Ukraine war.
Median forecasts in the July 10-18 Reuters poll of 13 economists was for growth of 4.2% in the fiscal year that began on July 1, down slightly from a previous forecast of 4.5% inFinance Minister Mohamed Maait said on Wednesday that preliminary figures showed real GDP growth of 4.2% during 2022/23. With Egypt reluctant to sell strategic stakes in state-controlled companies or lower valuations for the stakes that are on offer, inflows of badly needed dollars had been quite limited, said Mikhail Volodchenko of AXA investment managers.
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