World Bank sets its 2017 Egypt growth forecast at 4%
The World Bank expects the Egyptian economy to grow 4% this year “as fiscal consolidation begins and as private consumption slows with rising inflation,” according to its recently published Global Economic Prospects 2017: Weak Investment in Uncertain Times (pdf). The WBG sees growth accelerating to 5.1% in 2018 and 5.4% in 2019. “Growth in emerging market and developing economies (EMDEs) is expected to pick up in 2017, reflecting receding obstacles to activity in commodity exporters and continued solid domestic demand in commodity importers. Weak investment and productivity growth are, however, weighing on medium-term prospects across many EMDEs,” the report’s executive summary reads. The report puts global growth in 2016 at 2.3% and is forecasting 2.7% for this year.
Finance Minister Amr El Garhy stated that the government’s growth target for this year is in line with that of the report, according to Al Mal.