(3 minutes read)
The World Bank raised its forecast for the growth of the Egyptian economy during 2022 to 6.1 percent, as against 5.9 percent in its previous forecast in April.
The World Bank raised its forecast for the growth of the Egyptian economy during 2022 to 6.1 percent, as against 5.9 percent in its previous forecast in April.
In the World Economic Outlook report for June, the multilateral body expected that the Egyptian gross domestic product (GDP) would grow by 4.8percent in 2023 and 5percent in 2024. The WB had raised its forecast in April by 0.3 percent to reach 5.6 percent in January.
The rationale of increasing the forecast was that the Egyptian economy witnessed stronger activity than expected during the first half of the fiscal year. This has led to 6.1 percent during the 2021-2022 fiscal year.
Read Also:
https://trendsnafrica.com/egypt-to-host-isdb-meeting-first-time-since-1991/
https://trendsnafrica.com/ifc-to-support-egyptian-pharma-company-to-go-green/
The International Monetary Fund’s chief economist Gita Gopinath had indicated in January that the expectations for the Egyptian economic performance have improved thanks to the good performance of the Egyptian government in managing the Covid-19” pandemic.
Egypt is the only oil-importing country that has achieved positive growth thanks to the good management of the impact of the post-Covid-19 pandemic and the issuance of positive economic data.
