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Egypt’s economy is expected to grow by four percent in fiscal year (FY) 2023/24, according to report FocusEconomics Consensus Forecast Middle East & North Africa – August 2023, published on Tuesday
The expectations are down by 0.1 percentage points from one month ago, the report added. However, the economy is also expected to expand by 4.6 percent in fiscal year 2025.
This has eroded purchasing power and living standards. The Central Bank of Egypt (CBE) has responded aggressively, hiking interest rates by 200 basis points in March, which restrained investment and activity.
