Business & Technology

World Bank Expects This Year’s Egyptian Economy to Grow 6.1%

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World Bank Expects This Year’s Egyptian Economy to Grow 6.1%

World Bank building
Photo via Ahram Online

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

According to the World Bank’s Global Economic Prospects report released on Tuesday, 7 June, Egypt will see a 4.8 percent growth rate in the fiscal year 2022/2023. This is a 0.7 percentage point downgrade from the previous year, as tourism declines and inflation rises due to a number of factors, among them the Russia-Ukraine war.

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

Furthermore, the World Bank expects Egyptian gross domestic product (GDP) to grow by 4.8 percent in 2023, and by five percent in 2024.

Egyptian Prime Minister Mostafa Madbouly said on Monday that the World Bank is a vital partner to Egypt. He highlighted that the partnership is valued at USD 5.9 billion (EGP 110 billion) across multiple fields, including transportation, health, and the environment.

The World Bank and the Egyptian government are currently preparing the new Country Partnership Framework (CPF) for the fiscal years 2023 through 2027. The strategy aims to guide the World Bank’s operations in Egypt, while focusing on improving human capital, citizen engagement, women’s empowerment, and encouraging private sector enablement.

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A journalism graduate from the American University in Dubai who is curious, spontaneous, and often rebellious, Marina is a passionate Cairo-based journalist who aspires to become one of the most influential women in the Middle East. She likes to follow her heart and express that through words; her favorite form of expression.

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