The World Bank lowered its forecast for Egypt’s gross domestic product growth during the current fiscal year from 4.8 percent, previously forecast, from 4.8 percent to four percent. in its October report.
According to a report on the latest economic developments on Thursday, the World Bank expects growth in Egypt’s economy to slow during the current year, compared to growth of 6.6 percent during the past fiscal year.
On March 14, the Egyptian government announced an expected economic growth of 4.2 percent for the current fiscal year, which is higher than the IMF’s latest estimates of 4 percent.
However, the IMF forecast that Egypt’s economy will grow at 5.3 percent in the coming fiscal year, while the government expects the economy to grow at 4.1 percent.
The World Bank also expects Egypt’s economy to grow by 4 percent in the coming fiscal year.
The World Bank has approved a new partnership framework with Egypt for the fiscal years 2023-2027, which will provide Egypt with funding worth $7 billion.
According to an official statement, the framework amounts to a billion dollars annually the International Bank for Reconstruction and Development and approximately two billion dollars over the entire partnership period of the International Finance Corporation.
The statement added that the program aims to support Egypt’s efforts and create the right conditions for green, resilient and inclusive development.
