12 Jan 2022

The World Bank has raised its forecast for Egypt’s GDP growth to 5.5% in FY21/22 and the same for FY22/23, citing robust consumption demand and rising remittances within a controlled inflation environment. Furthermore, they attributed the higher forecast to increasing demand for Egyptian exports, steadily improving tourism revenues, and growth and development in the gas extraction sector, as well as upgrades in the ICT (information & communication technology) sector and its infrastructure.

Contrastingly, the World Bank downgraded the global growth forecast to 4.1% in 2022. For the MENA (Middle East & North Africa) region, the forecasted economic growth was 4.4% in 2022 and then a slower 3.4% in 2023.

(Source: World Bank (English) (Arabic), al-Ahram (English), Daily News Egypt (English), al-Maal, al-Youm al-Saabe, al-Masry al-Youm, al-Watan, al-Shurouk, Masrawy, Sky News Arabia, CNN, RT)