The World Bank predicts 6.1% growth for the Egyptian economy in 2022

The World Bank predicts 6.1% growth for the Egyptian economy in 2022

World Bank Building
Photo via Ahram Online

The Egyptian economy is expected to grow from 5.9% to 6.1% in the fiscal year 2021/2022, after “stronger than expected activity” in the first half.

According to the World Bank’s global economic outlook report released on Tuesday, June 7, Egypt will see a growth rate of 4.8% in fiscal year 2022/2023. This is a 0.7 percentage point downgrade from the previous year, as tourism falls and inflation rises due to a number of factors, including the Russia-Ukraine war.

The report also reveals that Egypt’s growth will be supported by the extractive gas sector, as it benefits from high prices, remittances from Egyptians working in the Gulf countries, and continued reform.

Furthermore, the World Bank predicts that Egypt’s gross domestic product (GDP) will grow by 4.8% in 2023 and by 5% in 2024.

Prime Minister of Egypt Mostafa Madbouly She said Monday that the World Bank is a vital partner for Egypt. He pointed out that the partnership is worth $ 5.9 billion (EGP 110 billion) across multiple sectors, including transportation, health and the environment.

The World Bank and the Egyptian government currently are Preparation the new National Partnership Framework (CPF) for fiscal years 2023 to 2027. The strategy aims to guide the World Bank’s operations in Egypt, while focusing on improving human capital, engaging citizens, empowering women and by encouraging the empowerment of the private sector.

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