World Bank sees Egypt economy growing 5.8% in 2020
Thursday, 10 10 2019, Category: Economy, Country: Egypt
The World Bank forecast on Thursday that Egypt’s economy would grow by 5.8% this fiscal year, marginally lower than the government’s target of 5.9% but in line with the bank’s expectation six months ago.
The World Bank inched up its growth estimate for Egypt’s gross domestic product (GDP) in the last fiscal year to 5.6% from 5.5%, matching the government’s figure. Egypt’s fiscal year starts on July 1.
“Egypt is sustaining its robust growth, fiscal outturns are improving, and external accounts are stabilizing at broadly favorable levels,” the institution said in a country note accompanying its regional economic update.
The bank expects growth to rise to 6% in the fiscal year 2020/2021, assuming that macroeconomic reforms continue and the business environment improves.