{"id":556079,"date":"2021-10-11T04:00:49","date_gmt":"2021-10-11T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/11\/world-bank-upgrades-egypts-post-covid-gdp-growth-outlook\/"},"modified":"2021-10-11T04:00:49","modified_gmt":"2021-10-11T04:00:49","slug":"world-bank-upgrades-egypts-post-covid-gdp-growth-outlook","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/11\/world-bank-upgrades-egypts-post-covid-gdp-growth-outlook\/","title":{"rendered":"World Bank upgrades Egypt\u2019s post-covid GDP growth outlook"},"content":{"rendered":"

<\/a> Egypt\u2019s economy is expected to grow 5.0% in FY2021-2022<\/strong>, up from the 3.3% in FY2020-2021, according to the World Bank\u2019s October 2021 MENA economic update<\/a>(pdf)<\/a>. The World Bank\u2019s forecast marks an upward revision from its April economic update<\/a>, when it said Egypt\u2019s GDP would grow at a 4.5% clip during the current fiscal year.<\/p>\n

Egypt\u2019s economic recovery is seen \u201cdominating\u201d oil importing countries\u2019 performance this calendar year<\/strong>, with overall real GDP growth among oil importing countries expected to come in at 4.3% by the end of 2021.<\/p>\n

Public sector expected to account for greater share of growth:<\/strong> Despite being on track to record stronger GDP growth levels than it did pre-Covid, Egypt \u201cremains constrained by anemic private sector dynamism,\u201d the report says, pointing to a 14% y-o-y increase in public investments in 1Q2021 compared to a 43% drop in nominal private investments during the same three months.<\/p>\n

The wider MENA region is in for a \u201ctenuous and uneven recovery\u201d this calendar year<\/strong>, with GDP now expected to grow 2.8% y-o-y in 2021, after contracting 3.8% in 2020, according to the report. The pandemic has caused the region to sustain some USD 200 bn in GDP losses, compared to \u201cwhere the region\u2019s GDP would have been if the pandemic had not hit.\u201d<\/p>\n

The region\u2019s GDP per capita is expected to inch up by a mere 1.1%<\/strong> \u2014 a rebound from the 5.4% contraction registered in 2020 and an upward revision from the 0.6% the World Bank had penciled in back in April. The World Bank\u2019s forecast indicates GDP per capita growth will still be 4.3% lower than it was in 2019.<\/p>\n

One of the main culprits of this sluggish recovery in the region: Stressed public healthcare systems<\/strong> that were caught off guard by and unable to cope with a pandemic. Many governments in the region had also overestimated their health systems\u2019 preparedness to cope with health emergencies, which the report suggests is partially due to \u201cthe region\u2019s young population [creating] the statistical illusion of a healthy population.\u201d As of 2019, Egypt\u2019s government expenditure on healthcare as a percentage of GDP was among the lowest in the region, with only 1.42% of overall government spending earmarked for the sector.<\/p>\n

But the key to stronger healthcare systems isn\u2019t necessarily increased spending \u2014 it\u2019s an increase in efficient spending.<\/strong> A lack of efficient spending generally leads to an increase in out-of-pocket spending on health services, which drains household incomes and \u201cshifts purchasing power away from large population pools that demand upstream health measures, like prevention and disease surveillance, to those in need of downstream, often costlier, individual services.\u201d<\/p>\n

The WB is not happy with our expenditure on preventative care:<\/strong> Despite the rollout of Egypt\u2019s universal healthcare system \u2014 which was first introduced on a pilot basis in Port Said in 2019<\/a> \u2014 Egypt, Tunisia, and Jordan exhibit lower rates of government expenditure on preventive health care compared to their income peers, the World Bank says. In Egypt\u2019s 2021-2022 sustainable development plan released earlier this year<\/a>, the government said it plans to aggressively ramp up its investments in healthcare infrastructure to EGP 4.7 bn, up 205% y-o-y.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s economy is expected to grow 5.0% in FY2021-2022, up from the 3.3% in FY2020-2021, according to the World Bank\u2019s October 2021 MENA economic update(pdf). The World Bank\u2019s forecast marks an upward revision from its April economic update, when it said Egypt\u2019s GDP would grow at a 4.5% clip during the current fiscal year. Egypt\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[107,104,72,7115,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556079","post","type-post","status-publish","format-standard","hentry","category-economy","tag-covid-19","tag-economy","tag-enterpriseam","tag-healthcare","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"b25eb2d0-26aa-4dd6-b989-296d562aea36","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556073],"teaser":"","voice_url":""},"yoast_head":"\nWorld Bank upgrades Egypt\u2019s post-covid GDP growth outlook - 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\/2021\/10\/11\/world-bank-upgrades-egypts-post-covid-gdp-growth-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank upgrades Egypt\u2019s post-covid GDP growth outlook\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s economy is expected to grow 5.0% in FY2021-2022, up from the 3.3% in FY2020-2021, according to the World Bank\u2019s October 2021 MENA economic update(pdf). 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The primary surplus \u2014 a measure that strips out debt service payments \u2014\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":561793,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/21\/egypts-economy-to-grow-3-1-this-fiscal-year-says-bnp-paribas\/","url_meta":{"origin":556079,"position":1},"title":"Egypt\u2019s economy to grow 3.1% this fiscal year, says BNP Paribas","author":"enterpriseam admin","date":"21 April 2021","format":false,"excerpt":"Egypt\u2019s economy is expected to grow at a 3.1% clip in the government\u2019s current 2020-2021 fiscal year, down from 3.8% in the previous fiscal year, on the back of declining tourism revenues at the outset of the pandemic, BNP Paribas said in a recent economic research report (pdf). Fiscal support\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\/4\/213.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572029,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/09\/world-bank-downgrades-egypts-gdp-growth-forecast-this-fiscal-year-to-3-0\/","url_meta":{"origin":556079,"position":2},"title":"World Bank downgrades Egypt\u2019s GDP growth forecast this fiscal year to 3.0%","author":"enterpriseam admin","date":"9 June 2020","format":false,"excerpt":"World Bank downgrades Egypt\u2019s GDP growth forecast to 3.0% for the fiscal year ending this month: The World Bank expects Egypt\u2019s economy to end the current fiscal year \u2014 which comes to a close on 30 June \u2014 with 3.0% growth, down from the 5.9% the bank had penciled in\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\/6\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561751,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/egypt-among-3-mena-countries-to-see-pre-covid-growth-rates-in-2021-fitch\/","url_meta":{"origin":556079,"position":3},"title":"Egypt among 3 MENA countries to see pre-covid growth rates in 2021: Fitch","author":"enterpriseam admin","date":"20 April 2021","format":false,"excerpt":"Egypt is one of three MENA economies that will see GDP growth return to pre-covid levels in 2021, buoyed by expectations of a strong rebound in the oil and gas and tourism industries this year, Fitch Solutions analysts said at a webinaryesterday. \u201cThe Central Bank of Egypt\u2019s (CBE) monetary easing\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\/4\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556556,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/world-bank-okays-usd-360-mn-loan-for-egypts-post-covid-recovery\/","url_meta":{"origin":556079,"position":4},"title":"World Bank okays USD 360 mn loan for Egypt\u2019s post-covid recovery","author":"enterpriseam admin","date":"31 October 2021","format":false,"excerpt":"We\u2019re getting a fresh USD 360 mn World Bank loan: The World Bank has approved a USD 360 mn facility to support the Egyptian economy as it recovers from the covid pandemic, the global lender said in a statement(pdf) on Thursday. The development policy financing (DPF) loan will be used\u2026","rel":"","context":"In "Development finance"","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/324.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549945,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/word-bank-raises-its-growth-forecast-for-mena-and-praises-egypts-resolve-to-control-inflation\/","url_meta":{"origin":556079,"position":5},"title":"Word Bank raises its growth forecast for MENA and praises Egypt\u2019s resolve to control inflation","author":"enterpriseam admin","date":"9 October 2022","format":false,"excerpt":"The World Bank expects Egypt\u2019s economy to grow at a 4.8% clip in FY 2022-2023, according to its October MENA Economic Update (pdf). The forecast marks a downward revision of 0.2 percentage points from its April forecast (pdf), when the bank expected Egypt to grow 5.0% during the current fiscal\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\/10\/151.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\/556079","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=556079"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556079\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556073"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556079"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556079"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}