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Thursday, 7 June 2018

Egyptian economy to grow 5.3% in 2018, World Bank says

The World Bank sees Egypt’s economy growing a brisk 5.3% during 2018, according to its Global Economic Prospects report (pdf). Real GDP is then seen growing to 5.7% in 2019 and 5.8% in 2020 as “investment and net exports have improved, supported by the stability of the exchange rate and stronger domestic demand.” Inflation has also cooled in Egypt, the report notes, falling to around 13% in April from a record-high of 35.3% last summer after the government hiked fuel and electricity prices, in turn allowing the CBE to implement two consecutive interest rate cuts of 100 bps each.

For the fiscal year, the World Bank had previously said in its Economic Outlook April 2018 report that real GDP would grow by 5.0% in FY2017-18 and rise gradually to 5.8% by FY2020-2021.

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