{"id":543602,"date":"2022-02-09T04:09:57","date_gmt":"2022-02-09T04:09:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/tourism-recovery-gas-exports-driving-5-5-growth-this-fiscal-year-world-bank\/"},"modified":"2022-02-09T04:09:57","modified_gmt":"2022-02-09T04:09:57","slug":"tourism-recovery-gas-exports-driving-5-5-growth-this-fiscal-year-world-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/tourism-recovery-gas-exports-driving-5-5-growth-this-fiscal-year-world-bank\/","title":{"rendered":"Tourism recovery + gas exports driving 5.5% growth this fiscal year -World Bank"},"content":{"rendered":"

<\/a> World Bank says tourism rebound, gas exports driving strong growth in <\/strong>Egypt: <\/strong>The World Bank has laid out the drivers for its January prediction that our economy will grow<\/a>5.5%<\/a> in FY2021-2022, pointing to a recovery in the tourism sector and rising gas exports. \u201cA gradual return of tourists, continued growth in the technology sector, an uptick in gas extractives and expansion in the construction and real estate sectors will all support an expansion of aggregate demand,\u201d World Bank economists wrote in its latest Egypt Economic Monitor.<\/p>\n

Pandemic recovery in full swing: <\/strong>\u201cEgypt is expected to revert to its pre-pandemic growth path over the forecast horizon and continue to push ahead with fiscal consolidation,\u201d assuming the covid-19 pandemic continues to abate, the report says. Egypt\u2019s economy delivered 5.6% growth in the year prior to the pandemic but fell to 3.3% in FY2019-2020.<\/p>\n

But the government needs to do more. <\/strong>Policymakers will need to continue with structural reforms and attract private investment if it is to maintain the same growth trajectory in the coming years, the report says. Foreign direct investment \u2014 which the bank expects to remain below pre-pandemic levels through to 2022-2023 \u2014 is unlikely to increase in the non-oil economy unless serious reforms are implemented.<\/p>\n

Budget deficit to narrow (though by less than expected):<\/strong> The budget deficit is likely to narrow to 7.2% by the end of the current fiscal year from 7.9% last year, as economic growth and the government\u2019s efforts to digitize tax collection and customs increase revenues. The Finance Ministry currently sees the deficit standing at 6.9% at the end of fiscal year in June<\/a>, narrowly missing its original 6.7% target<\/a>.<\/p>\n

As will the current account deficit:<\/strong> The current account deficit is expected to narrow gradually as trade, travel and gas exports increase, the report says. Despite increasing the import bill, rising oil prices should have a positive impact on the current account by boosting remittances from Egyptians working in the Gulf. That said, much of these gains will be offset by rising non-oil imports.<\/p>\n

But debt is an issue:<\/strong> \u201cElevated debt levels, large rollover needs, and tightening global financial conditions could heighten the country\u2019s susceptibility to external financing pressures,\u201d the report says. Counting in our favor is that only a small portion of the country\u2019s external debts are short-term, with the bulk of money owed to multilateral lenders with favorable maturity periods. The World Bank expects Egypt\u2019s debt-to-GDP ratio to rise to 93% by the end of June, missing the target set by the government, which wants to get it below 90%<\/a>.<\/p>\n

Read the report:<\/strong> View the landing page here<\/a> or check out the full report here (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 in the technology sector, an […]<\/p>\n","protected":false},"author":1,"featured_media":543603,"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":[864,107,7106,104,72,238,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-deficit","tag-covid-19","tag-debt","tag-economy","tag-enterpriseam","tag-tourism","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"bc4652f1-bf59-46f6-bff0-44f600b5c95d","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/116.jpg","photo_position":"above","related_issue":[543596],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.fdb63395-9246-465a-a102-6bfa36a0b2dd.mp3"},"yoast_head":"\nTourism recovery + gas exports driving 5.5% growth this fiscal year -World Bank - 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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\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\/1\/137.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593860,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/13\/egypts-economy-to-grow-at-5-8-clip-in-fy-2019-2020-world-bank\/","url_meta":{"origin":543602,"position":4},"title":"Egypt\u2019s economy to grow at 5.8% clip in FY 2019-2020- World Bank","author":"enterpriseam admin","date":"13 October 2019","format":false,"excerpt":"The World Bank has maintained its expectations that Egypt\u2019s economy will grow at a 5.8% clip this fiscal year and accelerate to 6% in FY 2020-2021 \u2014 assuming that macroeconomic reforms continue and the business environment improves, it says in its latest economic update (pdf). This is slightly lower than\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\/2021\/7\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559054,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/06\/the-2020s-%e2%89%a0-the-1930s-but\/","url_meta":{"origin":543602,"position":5},"title":"The 2020s \u2260 the 1930s, but...","author":"enterpriseam admin","date":"6 January 2021","format":false,"excerpt":"Global growth is expected to be slightly lower than previously expected as cases continue to accelerate in advanced economies, the World Bank has said in its semi-annual Global Economic Prospects report. Output will likely expand 4% in 2021, down from a 4.2% the Bank had forecast in its June report,\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\/71.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\/543602","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=543602"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543602\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543603"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543602"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543602"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}