26 November 2020 09:13 AM

Egypt tops emerging markets containing inflation: Cabinet

Saturday، 21 November 2020 - 01:31 PM

The Cabinet’s information center published an infographic showing that Egypt tops emerging markets in containing inflation domain.

The infographic highlighted a report issued by the International Monetary Fund (IMF), in which it said that Egypt’s economy posted the largest decline in annual inflation rate among the emerging markets in 2020, compared with 2019, with a decrease of 8.2 percent.

Egypt registered an inflation rate of 5.7 percent in 2019/20, compared to 13.9 percent recorded in 2018/19, according to the IMF’s report.

The infographic shed light on the international financial institutions’ expectations for inflation rate in Egypt in 2020, with the Economist forecasting Egypt’s inflation rate to reach 4.7 percent, while Fitch Solutions projected it to register 4.9 percent.

Meanwhile, Bloomberg expected Egypt’s inflation rate to hit 5.9 percent and the Capital Economics suggested that it will reach 4.8 percent, compared to 9.2 percent in 2019, according to the infographic.

The infographic noted that Egypt is keeping the inflation rate within the targeted ranges identified by the Central Bank of Egypt: 9 percent (± 3%), highlighting the development of the inflation rates throughout 2020.

It also showed the international acclaim received by the Egyptian government for its efforts to contain inflation.

The IMF said that the remarkable decline in Egypt’s inflation rates will positively help reduce the cost of long-term borrowing, while the Renaissance Capital asserted that Egypt has an exceptional experience in bringing down inflation rate compared with other emerging markets.

MENA

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