World Bank revises up FY2021/22 GDP forecast for Egypt to 5.5%

The World Bank forecast on Tuesday revised up its forecast for Egypt’s GDP growth to 5.5 percent for the financial year 2021/2022 after a 5.0 percent made earlier last October.

In its latest Global Economic Prospects report, the lender hiked its forecast, citing rising exports, growth in Egypt’s technology and natural gas sectors, and a rebound in tourism.

Growth will remain steady at 5.5 percent next financial year, the World Bank said.

“In Egypt, growth is expected to rebound to 5.5 percent in fiscal year 2021/22, ending June 2022, supported by external demand from major trading partners,
expanding information and communications technology and gas extractives sectors, and a gradual improvement in tourism.” the World Bank report read.