World Bank sees Egypt’s GDP growing 3.5% in FY20/21

The World Bank is projecting that Egypt’s gross domestic product (GDP) will grow by 3.5 percent  in fiscal year 2020/2021, 2.3 percent in FY21/22, and 5.8 percent in FY22/23, according to a recent report.

Matching the International Monetary Fund (IMF) predictions, World Bank also anticipated the Egyptian economy to hit a growth rate of 5.8 percent in 2022/2023.

In its report “Trading Together — Reviving Middle East and North Africa Regional Integration in the Post-COVID Era”, the World Bank said that 9 percent of the households in Egypt benefited of the national cash transfer programme Takaful and Karama, which has been expanded since the beginning of the crisis.

“Egypt is the only country in the Middle East and North Africa to witness positive real GDP growth in 2020/2021,” the reported added.

The report included a review of the measures taken by the Egyptian government in cooperation with the World Bank to mitigate the economic fallout of the ongoing COVID-19 pandemic.

The bank also applauded Egypt’s successful entrance into the global market by raising $5 billion in May in its largest-ever issuance in international bond markets.