28 June 2022 08:47 PM

Cabinet: World Bank raises Egyptian growth rate as exceeding pre-coronavirus rates

Thursday، 09 June 2022 - 01:43 PM

The Cabinet media center asserted that despite crises and challenges which cast its shadow on the international economy, the World Bank raised its forecast of Egypt’s economic growth to 6.1 percent in the 2021-2022 fiscal year against 3.3 percent in 2020-2021.

This rate exceeds the pre-coronavirus growth rates and will be the highest since 14 years, the center said in a report highlighting the World Bank's expectations on the Egyptian growth rate.

Growth in Egypt will still be supported by the gas extractives sector, as it benefits from elevated prices, the report said, noting that Egypt is witnessing stronger-than-expected activity in the first half of the 2021-2022 fiscal year.

The World Bank highlighted that growth in the region is expected to firm to 5.3% in 2022, assisted by rising oil revenues, structural reforms in some economies namely Egypt, Saudi Arabia, United Arab Emirates.

The report expected Egypt would realize the highest economic growth rates in the region in the coming two years as it is predicted to register 4.8 percent in 2022-2023 and 5 percent in 2023-2024.

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