Egypt: growth expected to be 4.4% in 2023/2024

According to a Fitch Solutions report, the Egyptian economy is expected to grow by 4.4% in the 2023/2024 financial year (July-June) compared to 4.2% in the 2022/2023 financial year. An increase which is justified by the increase in foreign investments from member countries of the Gulf Cooperation Council (GCC).

The report also highlights that the budget deficit is also expected to widen during the current financial year to reach 7.2%.

The Egyptian Central Bank is also expected to increase its key rate by at least 100 basis points before the end of the fiscal year, and devalue the pound by around 20%.

Source: Africa News Agency