{"id":562867,"date":"2021-06-09T04:00:10","date_gmt":"2021-06-09T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/"},"modified":"2021-06-09T04:00:10","modified_gmt":"2021-06-09T04:00:10","slug":"world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/","title":{"rendered":"World Bank sees Egypt economy growing 4.5% in 2021-2022, down a bit from earlier projection"},"content":{"rendered":"

<\/a> The World Bank has downgraded its growth projections for the Egyptian <\/strong>economy in the coming fiscal year<\/strong>, 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 from 2.7% in its January forecast<\/a>, and expects 4.5% growth in FY2021-2022, a downward revision from 5.8% previously.<\/p>\n

The rationale:<\/strong> \u201cHigh frequency indicators suggest that the economy remains sluggish in the first half of 2021, despite an easing of lockdown restrictions,\u201d the bank said. \u201cThe slower growth expected this year reflects damage to tourism, manufacturing, and oil and gas extractives from the pandemic and the lingering impact of a decline in domestic demand, notably from a collapse in fixed investment,\u201d it said.<\/p>\n

Finance Minister Mohamed Maait isn\u2019t as glum<\/strong>, telling Kelma Akhira host Lamees El Hadidy last night that while he hadn\u2019t seen the report, the ministry is sticking to its forecast that the economy will grow 2.8% in the fiscal year ending this month \u2014 a figure ahead of the bank\u2019s January forecast for Egypt. You can catch the full interview here (watch, runtime: 25:14<\/a>) or skip down to Last Night\u2019s Talk Shows for more on how Maait dominated the airwaves last night.<\/p>\n

The FY2021-2022 figure is the more important of the two: If the World Bank is right, it would mean that we\u2019re waiting another year to return to pre-pandemic growth levels.<\/strong> The bank sees economic growth coming in at 5.5% in FY2022-2023, only fractionally off the 5.6% growth we saw in FY2018-2019.<\/p>\n

GLOBALLY- There\u2019s good news and bad news<\/strong>, with the World Bank President David Malpass describing what he terms \u201can exceptionally strong but uneven recovery.\u201d<\/strong><\/p>\n

The global economy is expanding at its strongest post-recession pace in 80 years:<\/strong> The World Bank is now predicting the global economy to grow at a 5.6% clip this year, a significant 1.5% upgrade from its January forecast, mainly thanks to successful vaccine rollouts and huge fiscal stimulus measures in a small number of wealthy economies.<\/p>\n

But the situation in emerging markets and developing economies remains highly uncertain<\/strong>, with a lack of vaccine access, an inability to sustain stimulus programs and high debt levels continuing to weigh on economic recoveries. To avoid a K-shaped recovery on a global scale, Malpass calls on advanced economies to provide vaccines to developing nations, and agree new debt relief measures.<\/p>\n

READ THE FULL REPORT:<\/strong> Tap \/ click here<\/a> for the landing page or download it directly here (pdf)<\/a>.<\/p>\n

ON THE BRIGHT SIDE- Remittances are looking up: <\/strong>Egyptian expats sent USD 23.4 bn back home between January and March this year, up almost 9% from USD 21.5 bn in 3Q FY2019-2020, Hapi Journal<\/a> reports, citing a central bank statement. On a monthly basis, remittances from foreign workers increased 11% y-o-y to USD 2.9 bn, compared to USD 2.6 bn in the same month last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 from 2.7% in its January […]<\/p>\n","protected":false},"author":1,"featured_media":562868,"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":[104,72,238,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-tourism","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"25f9cb94-cb29-4bc6-940c-e3d41d7b425f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/129.jpg","photo_position":"above","related_issue":[562858],"teaser":"","voice_url":""},"yoast_head":"\nWorld Bank sees Egypt economy growing 4.5% in 2021-2022, down a bit from earlier projection - 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\/06\/09\/world-bank-sees-egypt-economy-growing-4-5-in-2021-2022-down-a-bit-from-earlier-projection\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank sees Egypt economy growing 4.5% in 2021-2022, down a bit from earlier projection\" \/>\n<meta property=\"og:description\" content=\"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. 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Economists have revised downwards their growth expectations as the economic fallout from the pandemic \u2014 including the drop in tourism, remittance inflows,\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\/7\/183.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":562867,"position":2},"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":575589,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/egypts-economy-to-achieve-pre-pandemic-growth-in-fy2021-2022-world-bank\/","url_meta":{"origin":562867,"position":3},"title":"Egypt\u2019s economy to achieve pre-pandemic growth in FY2021-2022 -World Bank","author":"enterpriseam admin","date":"20 October 2020","format":false,"excerpt":"Egypt\u2019s economy will return to pre-pandemic growth rates in FY2021-2022 -World Bank: The World Bank is the latest addition to a growing chorus of voices expecting Egypt to be the only country in the MENA region to record positive economic growth amid the pandemic. 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":559482,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/24\/slow-tourism-recovery-will-weigh-on-gdp-this-year-but-well-bounce-back\/","url_meta":{"origin":562867,"position":4},"title":"Slow tourism recovery will weigh on GDP this year, but we\u2019ll bounce back","author":"enterpriseam admin","date":"24 January 2021","format":false,"excerpt":"Egypt\u2019s economy will grow 2.4% this fiscal year \u201camid sluggish global tourism recovery and weak domestic demand,\u201d but will accelerate to 4.1% in FY2022-2023, the Economist Intelligence Unit (EIU) said in its January report. The forecast for the current fiscal year is below the lower end of the Finance Ministry\u2019s\u2026","rel":"","context":"In "OUTLOOK"","block_context":{"text":"OUTLOOK","link":"https:\/\/enterpriseam.com\/egypt\/category\/outlook\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/281.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548924,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/egyptian-economy-grew-6-6-in-fy-2021-2022-says-planning-minister\/","url_meta":{"origin":562867,"position":5},"title":"Egyptian economy grew 6.6% in FY 2021-2022, says planning minister","author":"enterpriseam admin","date":"28 August 2022","format":false,"excerpt":"The Egyptian economy grew at a 6.6% clip in FY 2021-2022, up from 3.3% the previous year, according to initial figures announced by Planning Minister Hala El Said during a cabinet meeting on Thursday. The state\u2019s fiscal year runs 1 July-30 June.The economy grew faster last year than gov\u2019t was\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\/8\/410.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\/562867","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=562867"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562867\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562868"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562867"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562867"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}