World Bank expects Egypt to record 2nd highest growth rate in Mideast, N.Africa

16 / 01 / 2022

By Marwa Nassar - -

The World Bank expected in a recent report that Egypt would record the second highest growth rate in the Middle East and North Africa with growth rate predicted to hit 5.5 percent in 2021-2022 and 2022-2023, the cabinet’s media center said.

The World Bank expected Egypt to be among the best growth rates in 2021/2022, the center said, noting that Egypt’s growth rate stood at 3.3 percent in 2020/2021.

The World Bank hailed the Egyptian economy’s performance during the coronavirus crisis and expected this good growth to continue for several reasons, including the development of the communications and IT sector, gradual improvement of the tourism sector, promotion of more natural gas discoveries and the recovery of the pandemic repercussions, the center said.

The Cabinet’s media center emphasized that the State has been boosting its economic success in light of economic and structural reform policies in a way that contributes to maintaining economic and financial stability, despite extraordinary circumstances the world is facing following Covid-19 pandemic.

The center added the State has been keen on pushing forward the wheel of investment and production, especially through offering several business incentives in order to enhance the participation of the private sector.

The State has also been focusing on developing the basic structure nationwide and upgrading different development sectors, an action that will positively affect growth rates in Egypt.

The bank said the global growth rate stood at 5.5 percent in 2021 and is expected to go down 4.1 percent in 2022 and 3.2 percent in 2023.

The bank said the growth rate of emerging and developing economies registered 6.3 percent in 2021 amid expectations to reach 4.6 percent in 2022 and 4.4 percent in 2023.

The economic growth rate of the Middle East and North Africa recorded 3.1 percent in 2021 amid expectations to rise to 3.3 percent in 2022.