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Wednesday, 24 November 2021

Gov’t upgrades 2021-2022 growth forecast

The government is predicting growth of 5.6% in the current 2021-2022 fiscal year, Planning Minister Hala El Said said at EFG Hermes’ Egypt Day conference yesterday, according to a ministry statement. The projection marks an upwards revision of a previous prediction for 5.4% growth.

The state is slightly more optimistic on growth than others have been: The IMF is expecting Egypt’s economy to “rebound strongly” at an estimated 5.2%, the World Bank is pegging this year’s growth at 5.0%, the European Bank for Reconstruction and Development coming in at 4.9%, and an October Reuters poll putting the figure at 5.1%. The economy grew 3.3% in FY 2020-2021, according to preliminary figures released in September.

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