World Bank forecasts 4% growth in Egypt’s GDP

The World Bank (WB) has predicted Egypt’s gross domestic product (GDP) to grow by four percent in fiscal years 2023/2024 and 2024/2025, the bank stated in a recent MENA report on Sunday.

The recent devaluing of the Egyptian pound may help with it competitiveness, with the growth being expected to be sustained in the services sector, especially tourism, Suez Canal and construction, the international financial institution stated in the report.

Egypt’s development financing needs for food security is expected to range between $2.77 billion and $4.15 billion, increasing to range between $2.77 billion and $5.25 billion by 2027.

Financing needs for food insecure people in Egypt are predicted to be between $2.64 billion and $4.55 billion, the report stated.