Despite some positive developments in Egypt's foreign currency inflows, Fitch Solutions has pointed out ongoing challenges to the country's trade deficit, particularly related to declining revenues from the Suez Canal.
Strengthening the buffers of Egypt is the first line of defense that could help the Egyptian economy withstand any additional external shock, he added.
The fund revealed that Egypt recorded a real GDP of 3.8% in FY2023/2024, 1.1% higher than the IMF's earlier projection of 2.7% in July.
In a recent press conference following the weekly government meeting, Al-Mashat presented key economic performance indicators for the last quarter and the fiscal year 2023/2024. The conference was led by Prime Minister Mostafa Madbouly.
The bank estimates that Egypt’s economic growth will see an uptick in FY2025/2026, reaching 3.5%, according to their semi-annual MENA Economic Update - Growth in the Middle East and North Africa - highlighting ongoing economic challenges
