World Bank Lowers Egypt’s GDP Outlook for Present and Upcoming Fiscal Year ...Egypt

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Image Credit: Wikimedia Commons The World Bank revised Egypt’s projected real gross domestic product (GDP) over the current and coming fiscal year (FY), cutting the number to 4 percent from 4.8 percent in their June 2023 Global Economic Prospects report. The bank previously estimated Egypt’s real GDP growth to be 4.5 percent in FY 2022/2023 and 4.8 percent in FY 2023/2024. The adjusted outlook for FY 2023/24 and FY 2023/24 is credited to Egypt’s ongoing economic struggles. “Rising costs, difficulties securing imported inputs, and slowing global demand weighed on activity, with industrial production (excluding oil) contracting by 6.0 percent a year ago,” reads the report. “In response to risi

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Last updated : 07 June 2023 clock 01:28 PM

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World Bank Lowers Egypt’s GDP Outlook for Present and Upcoming Fiscal Year ...Egypt

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