World Bank: Egypt’s GDP to Rebound to 5.8 Percent by 2022

World Bank: Egypt’s GDP to Rebound to 5.8 Percent by 2022

The World Bank expected Egypt's real gross domestic product (GDP) to rebound to 5.8% by 2022, according to an official report.

The COVID-19 pandemic's impact is forecast to spread across fiscal years (FYs) 2019/2020 and 2020/2021, the report indicated, noting that “growth is expected to have remained positive.”

Egypt's GDP stood at 5.6% in FY 2018/2019, yet estimates indicated a decline to 3.5% in FY 2019/2020, the report added.

The economic growth is predicted to further decrease to 2.3% in FY 2020/2021, before rebounding to pre-COVID-19 levels in FY 2021/2022, the report highlighted.

Sectors such textiles received a hard hit by the weakening of the global logistics industry, according to the World Bank's detailed MENA Economic Update report on October 19th.

Private business is likely to remain subdued due to “disrupted production and international trade,”