{"id":542702,"date":"2022-01-12T04:06:26","date_gmt":"2022-01-12T04:06:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/12\/good-news-on-the-economy-front-the-world-bank-thinks-were-going-to-grow-faster-this-year\/"},"modified":"2022-01-12T04:06:26","modified_gmt":"2022-01-12T04:06:26","slug":"good-news-on-the-economy-front-the-world-bank-thinks-were-going-to-grow-faster-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/12\/good-news-on-the-economy-front-the-world-bank-thinks-were-going-to-grow-faster-this-year\/","title":{"rendered":"Good news on the economy front: The World Bank thinks we\u2019re going to grow faster this year"},"content":{"rendered":"

<\/a> The W<\/strong>orld Bank has revised upwards its prediction for Egypt\u2019s GDP growth<\/strong> by 0.5 percentage points to 5.5% for FY2021-2022. The bank said in October<\/a> that it expected growth to come in at 5.0%, but in its latest Global Economic Prospects report hiked its forecast, citing rising exports, growth in our tech and natural gas sectors, and a rebound in tourism. Growth will remain steady at 5.5% next fiscal year, the bank said.<\/p>\n

This tallies with other estimates:<\/strong> The Planning Ministry said last month<\/a> we\u2019re on track to see the economy grow somewhere between 5.5% and 5.7% in FY2021-2022, while the IMF projected growth<\/a>of 5.2% in its most recent forecast.<\/p>\n

You can read the <\/strong>full report here (pdf)<\/a><\/strong>, or visit the <\/strong>landing page here<\/a><\/strong>.<\/strong><\/p>\n

Strong growth to start the year:<\/strong> Preliminary figures released by the Planning Ministry last year showed the economy growing at a 9.8% clip<\/a> during the first quarter \u2014 its quickest pace in two decades. The ministry has penciled in 6-7% growth<\/a> for 2Q.<\/p>\n

Egypt\u2019s economy grew at an estimated clip of 3.3% in FY2020-2021, faster than initially expected, <\/strong>the bank said, leaving its October estimate unchanged. That tallies with the latest planning ministry figures. The economy benefited from strong consumption on the back of pent-up demand, growing remittances, and \u201ccontained inflation relative to recent history.\u201d Unemployment also remained and near record lows, while employment rose above pre-pandemic levels, though labor participation remains low.<\/p>\n

We\u2019re still going to be growing a bit slower than we did before covid hit: <\/strong>Growth prior to the pandemic had been as high as 6%, boosted in part by the government\u2019s structural and economic reforms, the bank said.<\/p>\n

But we\u2019re going to be growing faster than the regional average:<\/strong> Growth in MENA economies is expected to accelerate to 4.4% in 2022 \u2014 an increase from the 4.2% predicted in October\u2014 before leveling off at 3.4% in 2023, the report said. That represents a faster acceleration on average than in the decade before the pandemic. The upward jump is being driven by the recovery of contact-heavy sectors, higher oil and natural gas prices, and the easing of oil production cuts. MENA economies have also been supported by a \u201cgenerally accommodative policy environment,\u201d the report said.<\/p>\n

T<\/strong>he pandemic\u2019s \u201clasting economic scars\u201d are still being felt:<\/strong> The gap in average per capita income between MENA and advanced economies is expected to widen despite the recovery, the report said. The regional economy contracted by around 4.0% in 2020, driven by covid-19 disruption and the collapse in oil prices and demand.<\/p>\n

Omicron could pose an obstacle: <\/strong>Less than two-fifths of MENA\u2019s population is fully vaccinated. Omicron\u2019s rapid spread could hit global demand and spur a retrenchment in oil prices. Meanwhile, a rise in oil prices could hit importers and keep upward pressure on inflation. The increasing frequency of climate change-driven natural disasters will also continue to hit MENA economies, threatening agriculture, food security, water resources, and lives, it adds.<\/p>\n","protected":false},"excerpt":{"rendered":"

The World Bank has revised upwards its prediction for Egypt\u2019s GDP growth by 0.5 percentage points to 5.5% for FY2021-2022. The bank said in October that it expected growth to come in at 5.0%, but in its latest Global Economic Prospects report hiked its forecast, citing rising exports, growth in our tech and natural gas […]<\/p>\n","protected":false},"author":1,"featured_media":542703,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,115,72,8562,182,91,219,351,113,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-ict","tag-inflation","tag-oil-and-gas","tag-saudi-arabia","tag-tunisia","tag-vaccines","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"e99c3ff6-ad07-4ae5-84b3-c2f3a4c275dd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/137.jpg","photo_position":"above","related_issue":[542698],"teaser":"","voice_url":""},"yoast_head":"\nGood news on the economy front: The World Bank thinks we\u2019re going to grow faster this year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/12\/good-news-on-the-economy-front-the-world-bank-thinks-were-going-to-grow-faster-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Good news on the economy front: The World Bank thinks we\u2019re going to grow faster this year\" \/>\n<meta property=\"og:description\" content=\"The World Bank has revised upwards its prediction for Egypt\u2019s GDP growth by 0.5 percentage points to 5.5% for FY2021-2022. 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In its latest MENA economic update,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/203.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543602,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/tourism-recovery-gas-exports-driving-5-5-growth-this-fiscal-year-world-bank\/","url_meta":{"origin":542702,"position":1},"title":"Tourism recovery + gas exports driving 5.5% growth this fiscal year -World Bank","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"World Bank says tourism rebound, gas exports driving strong growth in Egypt: The World Bank has laid out the drivers for its January prediction that our economy will grow5.5% in FY2021-2022, pointing to a recovery in the tourism sector and rising gas exports. \u201cA gradual return of tourists, continued growth\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/116.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562867,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/","url_meta":{"origin":542702,"position":2},"title":"World Bank sees Egypt economy growing 4.5% in 2021-2022, down a bit from earlier projection","author":"enterpriseam admin","date":"9 June 2021","format":false,"excerpt":"The World Bank has downgraded its growth projections for the Egyptian economy in the coming fiscal year, citing \u201csluggish\u201d activity as the effects of the covid-19 pandemic linger. In an update to its Egypt forecast, the bank sees GDP growing at a 2.3% clip during the state\u2019s current 2020-2021, down\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/129.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559609,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/27\/egypts-gdp-to-grow-2-8-this-fy-imf-is-out-with-a-more-optimistic-global-forecast\/","url_meta":{"origin":542702,"position":3},"title":"Egypt\u2019s GDP to grow 2.8% this FY + IMF is out with a more optimistic global forecast","author":"enterpriseam admin","date":"27 January 2021","format":false,"excerpt":"Egypt\u2019s economy will grow at a 2.8% clip in FY2020-2021, according to a Reuterspoll of economists. This is a downwards revision from the 3.3% growth economists predicted in the last poll the newswire conducted in October. The forecast sits at the lower end of the Finance Ministry\u2019s most recent GDP\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566196,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/are-we-there-yet\/","url_meta":{"origin":542702,"position":4},"title":"Are we there yet?","author":"enterpriseam admin","date":"2 June 2021","format":false,"excerpt":"Egypt is expected to (almost) match its pre-pandemic growth level in this final quarter of the state\u2019s current fiscal year. The economy is penciled in to grow 5.2-5.5% this quarter, which wraps up on 31 June, according to figures Planning and Economic Development Minister Hala El Said presented at today\u2019s\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/409.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547085,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/world-bank-revises-fy-2021-22-growth-forecast-up-to-6-1\/","url_meta":{"origin":542702,"position":5},"title":"World Bank revises FY 2021-22 growth forecast up to 6.1%","author":"enterpriseam admin","date":"8 June 2022","format":false,"excerpt":"The World Bank has again revised upwards its projection for Egypt\u2019s GDP growth by 0.6 percentage points to 6.1% for FY 2021-2022. The bank in January expected growth to come in at 5.5%, but \u201cstronger-than-expected activity for the first half of the fiscal year\u201d saw it hike its forecast in\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/187.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542702"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542702\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542703"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542702"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542702"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}