The World Bank has downgraded its growth projections for the Egyptian economy in 2021-2022
The bank sees GDP growing at 2.3% during the state’s current 2020-2021, compared to 2.7% in its January forecast, and expects 4.5% growth in 2021-2022, a downward revision compared to 5.8% previously. On the other hand, Finance Minister Mohamed Maait is sticking to its forecast that the economy will grow 2.8% in the fiscal year ending this month. We believe that if the World Bank is right, it would mean that we’re waiting another year to return to pre-pandemic growth levels. It would be an exceptionally strong but uneven recovery.
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