World Bank raises its forecast for Egypt's economic growth to 6.1% in 2022

CAIRO - 7 June 2022: The World Bank raised its forecast for the growth of the Egyptian economy during 2022 to 6.1 percent, compared to 5.9 percent in its previous forecast during the spring meetings in April.

 

In an update to the World Economic Outlook report for June, the bank expected that the Egyptian gross domestic product (GDP) would grow by 4.8percent in 2023 and 5percent in 2024.

 

The bank had raised its forecast in April by 0.3 percent to reach 5.6 percent in January.

 

The report indicated that the Egyptian economy witnessed stronger activity than expected during the first half of the fiscal year, which contributed to adjusting growth to 6.1 percent during the 2021-2022 fiscal year.

 

The First Deputy Director-General of the International Monetary Fund, Gita Gopinath, had indicated in January that their expectations for the Egyptian economic performance have improved thanks to the good performance of the Egyptian government in managing the “Covid-19” pandemic, especially in light of the global outbreak of the Omicron mutator.

 

Gopinath noted that Egypt is the only oil-importing country that has achieved positive growth thanks to the good management of the repercussions of the post-Covid-19 pandemic and the issuance of positive economic data.