The World Bank (WB) has raised Egypt’s growth forecasts to 5.5 per cent in 2022, up from 4.5 per cent predicted in June.
“The Arab Republic of Egypt’s economy grew at a faster rate than expected into fiscal year 2020/2021, benefiting from robust consumption demand, growing remittances, and contained inflation relative to recent history,” the World Bank said its Global Economic Prospects Report.
It also anticipated that the country’s improved external demand from major trading partners, an expansion of the information and communications technology and gas extractives sectors, and gradual improvements in tourism would drive further its recovery.
In a previous report, the IMF has projected that Egypt will have the second largest economy in the Arab world and Africa during 2022.
Source: State Information Service Egypt