World Bank forecast Egypt’s growth to pick up in 2018, 2019

CAIRO – 5 June 2017: Egypt’s economy growth is predicted to record 4.3 percent, 5.0 percent and 5.3 percent in 2017, 2018 and 2019 respectively, World Bank’s (WB) June 2017 Global Economic Prospects said.

The report, published Monday, said Egypt’s GDP growth will moderate in FY2016/2017 at 3.9 percent to rebound over the medium term, registering 4.6 percent in FY2017/18 and 5.3 percent in the following fiscal year.

Acknowledging the economic reforms in Egypt, the WB expects growth rates to pick up on the improvements in the business climate and competitiveness, despite the high inflation rates, which exceeded 30 percent in March.

WB added that the remittance flows to the MENA region is expected to improve in 2017, “supported by more stable exchange rate expectations in Egypt,” it said.

Economic growth in the Middle East and North Africa region is forecasted to decline to 2.1 percent in 2017, to pick up to 2.8 percent in 2018.

Globally, the economic growth is expected to record 2.7 percent in 2017 on increasing market confidence, stabilizing commodity prices and improvements in manufacture and trade.