{"id":588171,"date":"2023-06-07T00:00:00","date_gmt":"2023-06-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/world-bank-cuts-egypt-growth-outlook\/"},"modified":"2023-06-07T00:00:00","modified_gmt":"2023-06-07T00:00:00","slug":"world-bank-cuts-egypt-growth-outlook","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/world-bank-cuts-egypt-growth-outlook\/","title":{"rendered":"World Bank cuts Egypt growth outlook"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The World Bank has downgraded its Egypt growth outlook for the coming fiscal year<\/span><span style=\"\"> due <\/span><span>to the country\u2019s ongoing economic problems, according to figures in its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/344.pdf\" style=\"\">Global Economic Prospects report (pdf)<\/a><\/span><span>. The lender now expects the economy to grow at a 4.0% clip in FY 2023-2024, down 0.8 percentage points from its last forecast in January, before accelerating to 4.7% the year after. This is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b03aea9c-e969-4c2b-b3fa-81b070dd812d\" style=\"\">roughly in line<\/a><\/span><span style=\"font-weight:400;\"> with the government\u2019s expectation for 4.1% growth for the coming fiscal year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This would mean flat growth: <\/span><span style=\"\">The Bank <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee8ce1f3-29e5-4eba-99f3-e3fbea436095\" style=\"\">forecast in April<\/a><\/span><span style=\"\"> that growth will slip to 4.0% this year <\/span><span>from 6.6% in FY 2021-2022 as rising inflation, higher interest rates, the FX crunch and import disruptions weigh on the economy. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">BUT- We\u2019re still expected to be one of the top performers in the region:<\/span><span style=\"\"> The only countries with stronger <\/span><span style=\"font-weight:400;\">projected growth rates are Iraq (6.0%) and Djibouti (4.4%). Egypt is forecast to outperform all regional oil exporters, as weakening global oil demand hits GDP growth. The average growth rate amongst regional oil exporters stands at 2.0% for FY 2023-2024.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">A GLOBAL DOWNGRADE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Expect a sharp slowdown in the global economy this year:<\/span><span style=\"\"> The lender now expects global <\/span><span>growth to fall to 2.1% in 2023 from 3.1% last year as higher global interest rates and the fallout from the war in Ukraine squeeze economic activity.<\/span><span>\u201c[Expect] last year\u2019s sharp and synchronized slowdown to continue this year into a sharp slowdown,\u201d Indermit Gill, the bank\u2019s chief economist, told reporters yesterday, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/global-economy-inflation-growth-recession-world-bank-e35d2a0bcc71b39fb0519bd48e89694f\" style=\"\">the Associated Press<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">On the bright side:<\/span><span style=\"\"> The latest figure is a 0.4 percentage-point upgrade from the Bank\u2019s <\/span><span>previous forecast in January,<\/span><span style=\"font-weight:400;\"> which pinned global growth at just 1.7%.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Times are hard for emerging markets:<\/span><span style=\"\"> Growth in emerging markets excluding China will \u201cslow <\/span><span style=\"font-weight:400;\">markedly\u201d to 2.9% this year from 4.1% in 2022 due to tightening financial conditions, high inflation and slowing external demand. The Bank expects the first half of the 2020s to be one of the weakest half-decades in the past three decades for emerging- and developing economies. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Looking ahead:<\/span><span style=\"\"> The World Bank expects the global economy to make a \u201ctepid\u201d recovery in <\/span><span style=\"font-weight:400;\">2024, with growth rising to 2.4%.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The lender expects the economy to remain flat at 4.0% next year before rising to 4.7% in 24-25<\/p>\n","protected":false},"author":1,"featured_media":588172,"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":[104,115,72,348,2403,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-emerging-markets","tag-enterpriseam","tag-gdp","tag-global-economy","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"f728602f-ed22-4d87-a238-026ee05af493","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/331.jpg","photo_position":"above","homepage_title":"","full_issue_title":"World Bank cuts Egypt growth outlook","related_issue":[588164],"teaser":"The lender expects the economy to remain flat at 4.0% next year before rising to 4.7% in 24-25","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.4be9be4d-7b3a-4123-a02d-7805c32fdd27.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World Bank cuts Egypt 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\/2023\/06\/07\/world-bank-cuts-egypt-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 cuts Egypt growth outlook\" \/>\n<meta property=\"og:description\" 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