Cairo – Mubasher: Egypt’s economic growth rate is expected to rise to 5.2% in 2018 from 4.2% last year.
Economic growth of the Arab world's most populous country is projected to accelerate to 5.5% in 2019, according to a report issued Wednesday by the International Monetary Fund (IMF).
An anticipated increase in Egypt’s gas production would maintain bolstering the economy, the report added.
Growth outlook in the North African nation has improved, compared to October 2017 estimates, the report indicated.
The IMF has raised growth estimates for oil importers countries in MENA, Pakistan, and Afghanistan to 4.7% in 2018 from 4.4%, aided by the continuous improvement of growth outlook in Europe.
Economic growth for oil-importing countries in the region is forecast to reach 5% in 2019-2023, the IMF highlighted.
Exports of MENA and Pakistan oil-importing countries rose 6.4% in 2017 and are expected to accelerate by 8.4% and 8.6% in 2018 and 2019, respectively.
The IMF attributed the growth recovery in MENA and Pakistan to “an improved external demand, greater exchange rate flexibility, gains in competitiveness, and a pickup in the prices of phosphates, metals, and cotton.”
On the other hand, import growth in MENA and Pakistan is likely to ease to 4.8% in 2018, from 6.8% in 2017 despite the impact of higher oil prices, to remain steady around 5.5% in the medium term.
The region’s current account deficit is likely to decline to 6.2% of gross domestic product (GDP) from 6.5% of GDP in 2017, the IMF said, pointing out that it would narrow further to 5.7%in 2019.
