IMF cuts global growth forecast, sees Egypt growth at 3.3% this year, accelerating in 2017. The International Monetary Fund’s latest World Economic Outlook forecasts global growth at 3.2% in 2016 and 3.5% in 2017, down from its January forecasts. Egypt’s GDP will grow by 3.3% this year (compared with 4.2% last year) and growth could accelerate to 4.3% in 2017, it said. Unemployment will reach 13% by the end of this year, only to drop to 12.7% in 2017. Egypt’s GDP growth rates are more than double what GCC countries should expect, according to the IMF. EM champions China, Brazil, India, and Turkey will grow 2% below the average of the last decade, the IMF says.

Read the whole report here(as a pdf download), or tap here for both a written summary of the report and for videos of the IMF’s press briefing in English, press briefing in Arabic and an interview with IMF chief economist Maury Obstfeld. Coverage of the report is front-page news in the business press today: See the Wall Street Journal, Reuters or the Financial Times.