The World Bank raises its forecast for Egypt’s economic growth to 5.5% this year

05:14 PM

Tuesday 11 January 2022

I wrote – Yasmine Selim:

The World Bank raised its forecast for Egypt’s economic growth in the current fiscal year by 1%, compared to previous forecasts last June.

The bank said in a recent report today, Tuesday, that the Egyptian economy will grow by 5.5% during the current fiscal year, compared to a previous forecast of 4.5%.

The bank expects the Egyptian economy to grow by 5.5% in the next fiscal year.

The bank raised its forecast for the growth of the Egyptian economy in the last fiscal year to 3.3%, compared to 2.3% in its June forecast.

The government had announced that the Egyptian economy grew by 3.3% in the last fiscal year.

The World Bank said that the growth rate in Egypt slowed down by less than expected due to the growth of private consumption, the growth of workers’ remittances from abroad, low inflation to historical levels, and the recovery of the tourism, Suez Canal and manufacturing sectors.

The unemployment rate fell to its lowest level after it rose, and the employment rate increased to be at pre-coronavirus levels.

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