Egypt is experiencing broad economic growth despite high inflation, according to the Head of the Middle East and Central Asia Department at the International Monetary Fund (IMF), Jihad Azour, Bloomberg reports.
The recovery can be seen across industries, he noted, indicating the Egypt’s economic reforms are beginning to positively impact the economy, according to Bloomberg.
Egypt’s gross domestic product increased at an annual rate of 4.6% during the first half of 2017, its fastest pace since 2010, according to Al Mal News. The IMF predicts that the Egyptian economy will experience a 4.5% annual-growth rate next year.
“The reemergence of growth as we see it is broad-based; various sectors of the economy are benefiting from it including export, including tourism,” Azour said.
Core inflation dipped slightly in September to 33.26%, according to Reuters.
An IMF delegation is currently in Egypt conducting its second periodic review of Egypt’s economic-program, Amwal Al Ghad previously reported. The IMF is expected to release a $2 billion installment of its $12 billion loan after the conclusion of the review, according to Amwal Al Ghad.