The new forecast marks a 0.3 percentage point increase from its previous estimate in October, reflecting optimism that easing inflation and stronger private consumption will help reinvigorate the economy
The fund revealed that Egypt recorded a real GDP of 3.8% in FY2023/2024, 1.1% higher than the IMF's earlier projection of 2.7% in July.
The bank estimates that Egypt’s economic growth will see an uptick in FY2025/2026, reaching 3.5%, according to their semi-annual MENA Economic Update - Growth in the Middle East and North Africa - highlighting ongoing economic challenges
The bank praised Egypt’s economic recovery in FY2021/2022, pointing out that its 6.6% GDP growth rate was driven by the manufacturing sector
Overall real GDP growth among the OICs is expected to hit 4.3% by the end of the year, while WB forecasted a 4.2% growth in 2022 for the region’s GDP
