Inspenet, April 13, 2023
The World Bank projected this week a growth of Egypt’s Gross Domestic Product (GDP) of around 4.0% during the next fiscal year, one point less than what was estimated by the Government.
In its updated economic report on North Africa and the Middle East, the institution specified that the country’s GDP will rise a similar figure in the current fiscal year, ending on July 30.
According to the entity, Egypt improved its foreign exchange reserves due to the increase in income from tourism and the Suez Canal, as well as foreign financing. However, as adverse factors he cited the shortage of foreign currency and the growth of the budget deficit.
Finance Minister Mohamed Maait said this month that the national economy will grow 5.0% next fiscal year, which begins on July 1. Maait estimated a primary surplus of 2.5 percent of GDP, with a general deficit rate of 6.37%.
Days before, the head of Planning and Economic Development Hala El-Said announced that GDP will grow 4.2% in this fiscal year, a drop compared to the 5.5% expected at the end of 2022.
However, the projection exceeds the expectations of global financial institutions, including the International Monetary Fund, which estimated growth of 4.0%.
The official reported that exports from Egypt grew by 12.4% in the first quarter of the current fiscal year, while net inflows of foreign direct investment increased 94%.
Photo: ShutterStock
Don’t miss the Inspenet News at: https://inspenet.com/inspenet-tv/
Loading...
