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Egypt economy seen growing as IMF measures run course - REUTERS
By Patrick Werr
CAIRO, Oct 24 (Reuters) - Egypt's economic growth will increase to 4.0% in the year to the end of June 2025 as austerity measures imposed under an International Monetary Fund programme run their course, a Reuters poll showed on Thursday. The median forecast in the Oct. 9-23 Reuters poll of 13 economists predicted gross domestic product (GDP) growth would then accelerate to 4.7% in 2025/26 and 5.3% by 2026/27. In 2023/24, GDP growth fell to 2.4% from 3.8% a year earlier, according to central bank figures, dragged down by a currency crisis and the war in neighbouring Gaza, which has cut into Suez Canal revenue and slowed tourism. Advertisement · Scroll to continueReport this ad In February, Egypt sold the rights to develop real estate on its Mediterranean coast to UAE sovereign fund ADQ for $24 billion, paving the way the following month for an $8 billion financial reform package agreement with the International Monetary Fund. "Economic prospects in Egypt are improving, but at a gradual pace," said James Swanston at Capital Economics, adding that fiscal policy will remain tight in order to narrow the budget deficit and reduce the debt-to-GDP ratio.