Martens sends Netherlands through to maiden quarter-finals    Silva to leave Manchester City at end of next season    US Trump threatens obliteration, Iran calls White House mentally retarded    China urges Britain to stop interfering in Hong Kong affairs    US to restart China trade talks, will not accept conditions on tariff use    Dollar rises after Fed curbs dovish enthusiasm    “Dealing with illegal migration should go beyond security approach:” Sisi    European stocks to open lower after Fed cools rate cut hopes    Gold falls over 1% as Fed dashes imminent rate-cut hopes    Benin fight back to draw with 10-man Ghana in Nations Cup opener    Egypt aims to tap debt markets for up to $7 bln in new financial year    BREAKING: Terrorist Hisham El-Ashmawy being retried in five cases for supporting, carrying out attacks    Egypt PM, Germany's Siemens discuss boosting cooperation    UK's BlueMac signs MOU with Egypt on establishing waste management joint venture    Britain bans sales of tear gas to Hong Kong after violence at protests    Trump threatens attacks on Iran in retaliation for strikes    'Everything is stolen from us': Tunisians fight to preserve cultural heritage    Sisi praises Egyptian fans' behaviour during 2019 AFCON opener    Egypt slams Human Rights Watch director's tweets on Morsi's    Egypt dazzles us with a breath taking AFCON 2019 opening    Egypt makes winning start to Africa Cup of Nations    Mourning a dog can be harder than losing a relative or friend    Egypt says to launch hepatitis C medical examination initiative in Africa    China needs around $440 bln to clean up rural environment – People's Daily    Egypt calls for speeding up talks on Ethiopia's GERD dam    Egypt trying to halt Tutankhamun statue sale in London    20 million drug tablets smuggling foiled in Damietta    Art Alert: Little Eagles to screen at KMT    New academic year to start 21 Sept: Egypt's Supreme Council of Universities    INTERVIEW: Investigating terrorism funded by Qatar and Turkey    In Photos: Egyptian Museum in Tahrir inaugurates new path for the visually impaired    Playing victim    Morsi dies    A painless commute    United against corruption    Africa welcomed home    Food on Facebook    Beef olives with an Oriental twist    Tanker war puts pressure on Iran    Losing is not an option    Promoting football tourism    Al-Sisi in Eastern Europe    Singer Nesma Mahgoub at Cairo Opera House Summer Festival    Mervat Shazly showing at Salama art gallery    The mummies go to the NMEC    Muslim Brotherhood: Playing victim    Egypt FM spokesman condemns OHCHR statement on Morsi's death for 'lack of integrity and objectivity'    Saudi Arabia celebrates Eid al-Fitr with 13 Arab artists    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Egypt's CPI to reach 2000/09 average, dropping to 7% in FY 2022/23: IMF
Healthy foreign reserves, flexible exchange rate leave Egyptian economy well-positioned, says report
Published in Daily News Egypt on 09 - 10 - 2018

Egypt's consumer prices index (CPI) is projected to fall to 7% in fiscal year (FY) 2022/23, which is the same CPI average of the years from 2000 to 2009, according to the International Monetary Fund's (IMF) World Economic Outlook (WEO) report, which was released on Tuesday.
The CPI average is forecasted to record 14% during the current FY 2018/19 compared to 20.9% in FY 2017/18, the report cited, noting that the gross domestic product (GDP) is expected to hike to 6% in FY 2022/23, from 5.5% in the current FY 2018/19 and 5.3% in FY 2017/18.
According to the report, the GDP's recovery reflects improvements in tourism, rising natural gas production, and increased confidence in the economy, due to the implementation of the economic reform programme, supported by the IMF's Extended Fund Facility.
Moreover, Egypt's healthy foreign reserves and flexible exchange rate, leave the economy well-positioned to manage any acceleration in outflows, and maintain sound macroeconomic frameworks ,as well as a consistent policy implementation, all of which has led to a successful macroeconomic stabilisation, mentioned the report.
The current account deficit is expected to reach 1.2% of GDP in FY 2022/23 from 2.4% of GDP in FY 2018/19 and 2.6% in FY 2017/18, said the report.
Furthermore, global growth for 2018 and 2019 is estimated to remain steady at its 2017 level, but its pace is less vigorous than projected in April, and it has become less balanced, said the report., “Downside risks to global growth have risen in the past six months, and the potential for upside surprises has receded," the report added.
Global growth is projected at 3.7% for 2018 and 2019, which is 0.2% point lower for both years than the previous forecast in April, noted the report, mentioning that the downward revision reflects surprises that suppressed activity in early 2018 in some major advanced economies, in addition to the negative effects of the trade measures implemented or approved between April and mid-September, as well as a weaker outlook for some key emerging markets, and developing economies, arising from country-specific factors, tightering financial conditions, geopolitical tensions, and higher oil import bills.
Since January, a sequence of US tariff actions on solar panels, washing machines, steel, aluminium, and a range of Chinese products, plus retaliation by trading partners, has complicated global trade relations, the report explained.


Clic here to read the story from its source.