World Bank increases Egypt’s GDP growth forecast to 5.3% in FY 2017/18, 5.7% in FY 2018/19

Daily News Egypt
1 Min Read
The government wants the World Bank to expand financing to develop projects in Upper Egypt

The World Bank improved its previous forecast of Egypt’s gross domestic product (GDP) growth to record 5.3% in fiscal year (FY) 2017/18 and 5.7% in FY 2018/19, up from 4.9% and 5.6% respectively, according to the bank’s Global Economic Prospects report published on Wednesday.

For the Middle East and North Africa region, the report expects GDP growth to rise to 3% in 2018, and to then rise slightly in 2019/20, assuming continued policy reforms and oil prices remaining above their 2017 average.

“Global growth has eased, but remains robust, and is projected to reach 3.1% in 2018 and 3% in 2019,” the World Bank stated in the report.

Previously, the World Bank estimated global growth at 3.1% in 2017 compared to 2.4% in 2016, which was down from 2.8% in 2015.

In January, the International Monetary Fund (IMF) adjusted its projection for Egypt’s growth in FY 2017/18 to 4.8% instead of the previously projected 4.5%, to reach 6% in the medium term. Regarding inflation, the IMF projects it will decline to 12% in June 2018 and reach single digits by 2020.

Share This Article
Leave a comment