The International Monetary Fund (IMF) projects that Egypt’s economy will grow by 4.5% in fiscal year (FY) 2017/2018, Amwal Al Ghad reports.
For the current calendar year, the IMF expects the economy to expand by 4.1%, 0.6% higher than its projections for 2016, according to the newspaper.
The IMF credits the government’s economic reforms for spurring growth. It predicts that Egypt’s unemployment rate will fall from 12.2% in FY 2017/2018 and to 11.5% in FY 2018/2019.
Last month the IMF released a review of Egypt’s economic situation. According to the report, Egypt had made a “strong start” on its reform program but high inflation continued to threaten its macroeconomic stability, Egypt Oil & Gas previously reported.