Egypt's economy will grow 4.0% this fiscal year and 4.5% next even as it endures a continuing depreciation in its currency, a Reuters poll showed on Thursday, in line with a government forecast for the current year.
The country's already vulnerable economy was shaken further by Russia's invasion of Ukraine last year, which rocked tourism, raised commodity prices and prompted foreign investors to pull about $20 billion out of its financial markets.
Median forecasts in the April 6-26 Reuters poll of 13 economists was for growth of 4.0% in the fiscal year ending on June 30, 4.5% in 2023/24 and 5.0% in 2024/25. A spike in inflation followed a prolonged shortage of foreign currency, a series of devaluations starting in March 2022 and continuing delays in getting imports into the country.
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