The “World Bank” revised its forecasts regarding the Egyptian economy downward during the fiscal year 2022/2023, as a result of the presence of a number of global crises that caused severe damage to economic activity in Egypt.
The World Bank indicated that the growth rate in Egypt witnessed a strong recovery before the escalation of the Russian-Ukrainian war, but economic activity and real income are expected to be negatively affected by the intertwined global crises in the near term. As a result, the World Bank lowered its forecast for the growth of the Egyptian economy to 4.5 percent during the fiscal year 2022/2023, compared to a growth rate of 6.6 percent in the fiscal year 2021/2022.
The growth rate of the Egyptian economy jumped to 7.8 percent during the period from July 2021 to March 2022, before declining to 3.3 percent in the period from April to June 2022.
The report showed that there is prosperity in a number of economic sectors in Egypt, especially the gas sector, which Cairo benefited from, supported by its high prices in global markets. Likewise, the communication, agriculture, and construction sectors, but other sectors fell short of their potential, such as the manufacturing industries.
Source (CNBC Arabic Website, Edited)
