Egypt economy to grow 2.6 pct in 2012/13: World Bank

Ahram Online, Wednesday 16 Jan 2013

World Bank growth prediction for Egypt in 2012/13 is significantly lower than 3.5 to 4 per cent estimate by government

The economy is expected to grow 3.8 pct in 2013/14(Photo: Reuters)

The World Bank has predicted Egypt's economy will grow by 2.6 per cent in the fiscal year 2012/13, a significantly lower figure than estimated by the Egyptian government.

The Egyptian economy grew by 2.2 per cent in the preceding 2011/12 fiscal year. 

In its latest Global Economic Prospects report published on Wednesday, the bank said political uncertainty and unrest in several countries in the region, including Egypt, was weighing on economic activity.

The Egyptian government has predicted growth of 3.5 to 4 per cent in the current fiscal year ending on 30 June 2013.

The World Bank estimated growth in Egypt would quicken to 3.8 per cent in 2013/14 year and 4.7 per cent in 2014/15.

The bank's prediction for Egypt has been downgraded since its September report, reflecting continued economic turbulence and a delay in a $4.8 billion loan from the International Monetary Fund.

The Egyptian economy crumbled following the popular uprising that unseated Hosni Mubarak early 2011. After the economy grew by an average five per cent in the few years preceding 2011, economic growth dropped to 1.8 per cent in 2010/2011.

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