The International Monetary Fund (IMF) said that Egypt’s economy is projected to grow to be 5.3 percent in 2018 and around 5.5 percent in 2019, according to a report issued on Tuesday.
The IMF’s report that was issued on the sidelines of the annual meetings of the IMF that are currently being held in Bali, Indonesia, proved that growth outlook in the North African nation has improved, compared to October 2017 estimates.
The IMF said that economic growth is forecast to reach 6 percent in 2019-2023, the IMF highlighted.
The IMF attributed the growth recovery in Egypt to the increase in natural gas production, the rebound in the tourism sector and the government’s application of an economic reform programme, the report said.
The current account deficit is likely to decline to 2.6 percent of gross domestic product (GDP) from 6.3 percent of GDP in 2017, the IMF said.
It pointed out that the current account deficit would narrow further to 2.4 percent in 2019 and 1.2 percent in 2023.
The meetings are attended by Finance Minister Mohamed Maeet and Minister of Investment & International Cooperation Sahar Nasr.