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CAIRO – 6 April 2023: The World Bank economists expected Egypt’s gross domestic product (GDP) to grow at 4 percent in both fiscal year 2023 and 2024.
In a report titled “Altered Destinies: The Long-Term Effects of Rising Prices and Food Insecurity in the Middle East and North Africa,” the World Bank elaborated that Egypt’s forecast reflects the expectation that its competitiveness might be increased due to the recent depreciation of the Egyptian pound.
“Growth in the services sector (mainly tourism and Suez canal activity) as well as in construction are projected to sustain growth,” the report noted.
However, this expectation has been lowered compared to the World Bank’s forecast for Egypt’s GDP in October’s report which expected a 4.8 percent growth.
The World Bank expected the growth of the Egyptian economy to slow down during the current year, compared to a growth of 6.6 percent during the last fiscal year.
On March 14, the government announced an expected growth of the Egyptian economy during the current fiscal year by 4.2 percent, which is higher than the latest estimates announced by the International Monetary Fund (IMF) for economic growth in Egypt, which amounted to 4 percent.
Meanwhile, the IMF expects the Egyptian economy to grow by 5.3 percent in the next fiscal year, while the government expects the Egyptian economy to grow by 4.1 percent in the next fiscal year. On the other hand, the bank expects Egypt’s economy to grow by 4 percent next fiscal year.
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