World Bank lowers Egypt’s growth forecast again

World Bank lowers Egypt’s growth forecast again

The World Bank has downgraded Egypt’s growth forecast for the current fiscal year to 2.8 percent, the lowest for 11 years, despite recent investment in the country of nearly $60 billion. In its latest Middle East and North Africa economic update, the bank blamed “sluggish industrial sector performance” and the effects of war in the […]

Prediction of only 2.8% growth

Country recently got $60bn funding

Third cut this year to growth forecast

The World Bank has downgraded Egypt’s growth forecast for the current fiscal year to 2.8 percent, the lowest for 11 years, despite recent investment in the country of nearly $60 billion.

In its latest Middle East and North Africa economic update, the bank blamed “sluggish industrial sector performance” and the effects of war in the region for the cut of 0.7 percentage points in its prediction for Egypt’s growth.

It is the third time this financial year that the bank has lowered its forecasts for Egypt’s growth. The bank predicts growth rebounding in 2024-25 to 4.2 percent.

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Of all the economies in the Mena region, the bank said, Egypt “could suffer the largest fiscal effects from the combined effects of the Suez Canal