08 Jun 2022
The World Bank has raised its projection for Egypt’s GDP growth in FY21/22 to 6.1%, up from a previous 5.9% forecast that was made in April 2022. As for the coming years, the World Bank expects GDP to grow by 4.8% in FY22/23 and 5.0% in FY23/24. The projections were published in their June 2022 Global Economic Prospects report. The Egyptian economy’s strong performance in 1H21/22 was the main reason behind the upgraded forecast. On the other hand, the FY22/23 projection was lowered due to the negative repercussions of the Russia-Ukraine conflict, which include high food and energy inflation as well as a decline in tourism activity.
The World Bank’s forecast for average growth in the overall MENA region for 2022 is 5.3%, which is below Egypt’s expected growth, despite the figure including the boost received by the oil-exporting GCC (Gulf Cooperation Council) countries. As for oil-importing countries in the region, a category which includes Egypt, their expected growth is 4.1% in 2022 and 4.4% in 2023, far below Egypt’s forecast growth. (Sources: World Bank (English) (Arabic), State Information Service (English) (Arabic), Egypt Today (English), Daily News Egypt (English), Business Today Egypt (English), Egypt Independent (English), Sada el-Balad (English) (Arabic), Arab News (English), al-Maal, Amwal al-Ghad, Economy Plus Me, al-Youm al-Saabe, al-Masry al-Youm, al-Watan, Akhbar al-Youm, Masrawy, Middle East News Agency)