World Bank estimates Egypt’s real GDP at 6.6% in FY 2021/22
Updated 1/11/2023 11:40:00 AM
Arab Finance: The World Bank Group has estimated Egypt’s real growth domestic product (GDP) for fiscal year (FY) 2021/2022 at 6.6%, the international financial institution revealed in its January Global Economic Prospects report.
The World Bank also forecast the country’s real GDP to slow down to 4.5% in FY 2022/2023, as rising inflation deflates real earnings and decreases domestic spending, according to the report.
More growth restraint is anticipated as fiscal and monetary policy are tightened to combat high inflation and account deficit, the statement clarified.
Authorities are gradually demolishing new import regulations to reduce the balance of payment pressures, but trade disruptions could still occur.
Moreover, the report showed that Egypt’s GDP is forecast to improve to 4.8% in FY 2023/2024.
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