World Bank keeps our FY 2024-25 growth forecast unchanged

Good afternoon, friends, and welcome to the almost-weekend. The already summering news cycle is winding down yet again in anticipation of the end of a short week.

THE BIG STORY TODAY-

World Bank reaffirms its predictions for Egypt’s growth outlook in FY 2024-2025: The World Bank sees the Egyptian economy growing at a 3.8% clip in the fiscal year 2024-2025, keeping its outlook unchanged from its April forecast, the international lender said in its latest Global Economic Prospects report (pdf).

Growth should improve further down the line: The bank sees growth rising to 4.2% in FY 2025-2026 and 4.6% in FY 2026-2027, driven by “stronger private consumption, higher private investment — spurred by the implementation of the investment deal with the United Arab Emirates and anticipated monetary easing — and a gradual rebound in manufacturing activity,” the report reads.

THE BIG STORY ABROAD-

The agreement between the US and China to revive their trade truce continues to dominate headlines. The agreement would lift restrictions on China’s exports of rare earth minerals and magnets, as well as recent US export controls. Delegations from both country will present the plan to US President Donald Trump and his Chinese counterpart Xi Jinping for final approval. (Bloomberg | Financial Times | Reuters)

☀️ TOMORROW’S WEATHER- We’ll be seeing a repeat of today’s weather tomorrow in the capital, with the mercury peaking at 37°C during the day and cooling to 24°C at night, according to our favorite weather app.