The World Bank expected Egypt's economy to grow 5.8 percent this fiscal year, slightly below the government's 5.9 percent target, but in line with the bank's forecast six months ago.
The bank also raised its forecast for Egypt's GDP growth in the last fiscal year to 5.6 percent from 5.5 percent, matching government estimates.
According to the World Bank, Egypt has maintained strong growth, with improved fiscal outputs and stable external balances at generally favorable levels. The bank expects growth to rise to 6 percent in fiscal year 2020-2021, assuming continued macroeconomic reforms and an improved business environment.
The World Bank revealed that the main sectors driving growth are gas, tourism, wholesale and retail trade, real estate and construction.
The bank revealed an increase in net exports of products, services, and private investments, while unemployment declined despite the fact that 39% of the working-age population is still unemployed, indicating the relative weakness in private sector-led job creation.
Source (Alarabiya.net, available)
