2023-04-27 19:37:10
A Archyde.com poll showed today, Thursday, that the Egyptian economy will grow 4.0 percent in the current fiscal year and 4.5 percent in the next year, even with the country’s continuous depreciation of its currency, which is in line with the government’s expectations for the current year.
The Egyptian economy was affected by the Russian-Ukrainian war, which also affected the tourism sector.
This situation prompted Egypt to seek a $3 billion financial support package over 46 months from the International Monetary Fund that was signed last December.
The median forecast in the poll, conducted by Archyde.com from April 6 to 26, of 13 economists, was for growth of 4 percent in the fiscal year ending June 30, 4.5 percent in the 2023-2024 fiscal year and 5.0 percent in 2024-2020. 2025.
This matched the government’s forecast in its November 30 letter of intent to the International Monetary Fund for growth of 4.0 percent. The presidency said in March that Egypt was targeting 5 percent growth in the 2023-2024 budget.
Economists expected the Egyptian pound to drop to 34 to the dollar by the end of December 2023, to 35 by the end of December 2024 and 35.07 a year later.
The central bank said it would allow supply and demand to determine the pound’s exchange rate. The bank had left the currency unchanged since March 9 at about 30.90 per dollar, despite a promise Egypt made to the International Monetary Fund. In the previous year, the currency had been allowed to depreciate by half.
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