{"id":547085,"date":"2022-06-08T04:21:08","date_gmt":"2022-06-08T04:21:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/world-bank-revises-fy-2021-22-growth-forecast-up-to-6-1\/"},"modified":"2022-06-08T04:21:08","modified_gmt":"2022-06-08T04:21:08","slug":"world-bank-revises-fy-2021-22-growth-forecast-up-to-6-1","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/world-bank-revises-fy-2021-22-growth-forecast-up-to-6-1\/","title":{"rendered":"World Bank revises FY 2021-22 growth forecast up to 6.1%"},"content":{"rendered":"

<\/a> The World Bank has again revised upwards its projection for Egypt\u2019s GDP growth <\/strong>by 0.6 percentage points to 6.1% for FY 2021-2022. The bank in January expected<\/a> 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 its latest Global Economic Prospects report.<\/p>\n

The forecast tallies with gov\u2019t projections:<\/strong> The government hasrevised upwards its 2021-2022 growth outlook<\/a> to 6.2% on the back of figures for 3Q 2021-2022, which saw the economy grow at a 5.4% clip. The Planning Ministry had in March cut its full-year forecast<\/a> to 5.7% due to the war.<\/p>\n

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

The impact of war in Ukraine won\u2019t be fully felt this fiscal year: <\/strong>The first half of the fiscal year (July-December 2021) saw a \u201cboom\u201d in growth that was \u201conly partly offset by repercussions from the war in Ukraine,\u201d the World Bank wrote. Growth began to slow in early 2022, the lender added.<\/p>\n

Growth is set to moderate going into next fiscal year: <\/strong>The bank cut its forecast for Egypt\u2019s growth next fiscal year to 4.8%, down from the 5.5% it predicted in January, as \u201crising food and energy inflation slows income growth and raises input costs in key sectors, and tourism flows moderate.\u201d Inflation rose to a near three-year high<\/a> in April as rising food costs and the devaluation of the EGP in March caused consumer prices to grow at a faster pace.<\/p>\n

We\u2019re vulnerable on food security, the WB notes: <\/strong>Our reliance on wheat imports from Russia and Ukraine (which usually account for more than 8% of our imported grain) exposes us to rising food prices, the report says. (Remember: We couldsoon be in line for<\/a> some USD 500 mn from the World Bank for wheat imports and other food security measures).<\/p>\n

On the upside: Gas exports + remittances will bring us a boost. <\/strong>Elevated prices in the gas extractives sector, remittances from the GCC, and \u201ccontinued reform momentum\u201d will support local growth looking ahead, the WB said.<\/p>\n

\n

ZOOMING OUT- The lender upped its forecast for GDP growth across the MENA region by 0.9 percentage points<\/strong> to 5.3%, thanks to soaring oil prices, as well as structural reforms in economies including our own, the KSA, and the UAE, and the diminishing adverse impacts of covid-19.<\/p>\n

That\u2019s the fastest pace of growth the region has seen in a decade<\/strong> \u2014 but it \u201ccould have been even stronger had it not been for the detrimental impact of Russia\u2019s invasion of Ukraine on oil importers,\u201d the lender said. Growth is expected to slow to 3.6% in 2023 and 3.2% in 2024.<\/p>\n

\n

Globally, things aren\u2019t looking great as recession looms:<\/strong> The WB cut its global growth projections by almost a third to 2.9% in 2022, and down from 5.7% in 2021. \u201cThe war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,\u201d World Bank Group President David Malpass said<\/a>.<\/p>\n

Stagflation is a real threat<\/strong>: The combination of prolonged high inflation and subdued growth could throw the global economy back into a 1970s-style stagflation situation, Malpass warned. \u201cThe danger of stagflation is considerable today,\u201d he said, adding that \u201csubdued growth will likely persist throughout the decade because of weak investment in most of the world.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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 its latest Global Economic Prospects […]<\/p>\n","protected":false},"author":1,"featured_media":547086,"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":[104,72,348,345,2017,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-gdp","tag-mena","tag-stagflation","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"4abffa24-ec5c-4140-b97d-5fc838bf32d9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/187.jpg","photo_position":"above","related_issue":[547081],"teaser":"","voice_url":""},"yoast_head":"\nWorld Bank revises FY 2021-22 growth forecast up to 6.1% - 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\/06\/08\/world-bank-revises-fy-2021-22-growth-forecast-up-to-6-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank revises FY 2021-22 growth forecast up to 6.1%\" \/>\n<meta property=\"og:description\" content=\"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. 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The projection marks an upwards revision of a previous prediction for 5.4% growth.The state is slightly more optimistic on\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543432,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/01\/govt-ups-2021-2022-growth-forecast-to-6\/","url_meta":{"origin":547085,"position":1},"title":"Gov\u2019t ups 2021-2022 growth forecast to 6%","author":"enterpriseam admin","date":"1 February 2022","format":false,"excerpt":"Gov\u2019t ups growth forecast: The Planning Ministry has upgraded its FY2021-2022 growth forecast for the Egyptian economy to 6% or more, from 5.6%, minister Hala El Said told Bloomberg Asharq yesterday.This would be almost double last year\u2019s growth: The economy grew 3.3% during FY 2020-2021, according to official figures.The forecast\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\/3.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546048,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/","url_meta":{"origin":547085,"position":2},"title":"IMF expects slimmer narrowing of Egypt\u2019s budget deficit this fiscal year","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"Egypt\u2019s budget deficit is expected to narrow to 6.8% by the end of the current fiscal year, the IMF said in its latest Fiscal Monitor Report (pdf). This is 0.5 percentage points higher than the IMF\u2019s previous forecast for FY 2021-2022, which penciled in a 6.3% deficit. The deficit stood\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\/4\/353.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586788,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/17\/ebrd-downgrades-egypt-growth-forecast\/","url_meta":{"origin":547085,"position":3},"title":"EBRD downgrades Egypt growth forecast","author":"enterpriseam admin","date":"17 May 2023","format":false,"excerpt":"EBRD forecasts growth slowing to 4% for FY 2022-23","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\/2023\/5\/963.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547776,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/egyptian-economy-grew-by-6-2-in-2021-2022-planning-minister\/","url_meta":{"origin":547085,"position":4},"title":"Egyptian economy grew by 6.2% in 2021-2022 -planning minister","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"Economic growth accelerates in FY2021-2022: The Egyptian economy grew at a 6.2% clip in FY2021-2022, up from 3.3% the previous year, Planning Minister Hala El Said told CNBC Arabia yesterday.This meets recent government forecasts\u2026: The government had upped its growth forecast for the fiscal year to 6.2% in May on\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\/7\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556369,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/24\/egyptian-economy-to-grow-5-1-this-fiscal-year-reuters-poll\/","url_meta":{"origin":547085,"position":5},"title":"Egyptian economy to grow 5.1% this fiscal year -Reuters poll","author":"enterpriseam admin","date":"24 October 2021","format":false,"excerpt":"Growth of the Egyptian economy will continue to accelerate in FY 2021-2022, expanding at a 5.1% clip before climbing to 5.5% in the following two years as the country continues to recover from the covid-19 pandemic, according to a Reuters poll of analysts. The economy grew 3.3% in FY 2020-2021,\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\/10\/238.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\/547085","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=547085"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547085\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547086"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547085"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547085"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}