World Bank raises projections for Egypt's economic growth to 6.1% this year

MENA , Ahram Online , Tuesday 7 Jun 2022

The World Bank (WB) expects the Egyptian economy to grow from 5.9 percent to 6.1 percent in the fiscal year (FY) 2021/22.

The headquarters of the World Bank in Washington DC. on January 19, 2022. AFP
The headquarters of the World Bank in Washington DC. on January 19, 2022. AFP


The WB said on Tuesday in the Global Economic Prospects report for June, that the Egyptian economy is expected to record 4.8 percent growth in the FY 2022/23, a 0.7 percentage point downgrade from previous projections of 5.5 due to a decline in tourism resulting from the Ukrainian war and the rise of food and energy prices.

Earlier this week, a World Bank executive directors delegation visited Cairo, where it held a series of meetings with Egyptian Prime Minister Mostafa Madbouly and other officials to discuss cooperation with the Egyptian government, as well as measures taken by Egypt to adapt to the global economic crisis.

The meeting also discussed the Development Policy Financing loan program between Egypt and the WB in addition to the framework of strategic partnership for the next five years (2023/27).

Earlier in January, Deputy Managing Director of the International Monetary Fund Gita Gopinath said that the Egyptian economic growth outlook has improved thanks to the good performance of the Egyptian government in managing the coronavirus pandemic, especially during the global outbreak of the omicron mutation.

Prime Minister Mostafa Madbouly said on Monday that Egypt and the WB have a fruitful partnership, where the value of their cooperation portfolio has reached $5.9 billion in various areas, including health, transportation, and the environment.

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