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The International Monetary Fund in a report said Egypt had weathered the global financial crisis relatively well, but expects economic activity to continue to soften in 2009-10.
The IMF expects the growth in real gross domestic product or GDP to remain below potential this year at around 4%. At the same time, the lender expects private consumption to be resilient, but said some unwinding of inventories accumulated during last year could be a drag on growth.
Further, the IMF said in the uncertain global environment, the risks to the outlook remain on the downside. The IMF noted that the short-term macroeconomic policies should be continued to support growth, while reducing inflation and maintaining a sustainable external position.
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