World Bank holds Egypt’s growth outlook steady: The international lender sees the Egyptian economy growing at a 2.8% clip during the fiscal year 2023-2024, keeping its outlook unchanged from its April forecast, it said in its latest Global Economic Prospects report (pdf). It also kept its outlook for the next fiscal year unchanged at 4.2%.

And our first look at the bank’s forecast for FY 2025-26: The lender penciled in growth picking up to 4.6% in FY 2025-26.

Driving the growth: Growth picking up is “propelled by investment growth partly spurred by a large-scale agreement with the United Arab Emirates. Private consumption is also expected to expand, supported by a recovery in remittances and a decline in inflation. Exchange rate depreciation will boost net exports,” the report said.

Remember: The bank downgraded our growth outlook for the current fiscal year in April, slashing it by 0.7 percentage points from its January forecast, citing sluggish industrial sector performance and high inflation.

REGIONALLY- The bank sees MENA grow at a 2.8% then to 4.2% in 2025 before slowing to 3.6% in the fiscal year ending in 2026, driven by a slowdown in GCC countries, who are expected to see their economies grow at a rate of 2.8 this year then 4.7% next year before slowing to 3.5% in 2026

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