{"id":613215,"date":"2024-01-10T00:00:00","date_gmt":"2024-01-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/10\/world-bank-downgrades-our-gdp-growth-for-fy-23-24-to-3-5\/"},"modified":"2024-01-10T00:00:00","modified_gmt":"2024-01-10T00:00:00","slug":"world-bank-downgrades-our-gdp-growth-for-fy-23-24-to-3-5","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/10\/world-bank-downgrades-our-gdp-growth-for-fy-23-24-to-3-5\/","title":{"rendered":"World Bank downgrades our GDP growth for FY 23\/24 to 3.5%"},"content":{"rendered":"

The World Bank has downgraded its Egypt growth outlook for the current fiscal<\/strong>year due to the country\u2019s ongoing economic problems, according to figures in its Global Economic Prospects reports (pdf)<\/a>. The lender expects real GDP growth to slow to 3.5% in FY 2023-2024, down 0.2% from its last forecast in October<\/a>, when it penciled in growth of 3.7%. Growth is forecast to accelerate to 3.9% in FY 2024-2025. <\/p>\n

It\u2019s in line with other international monitors:<\/strong> The IMF<\/a> and S&P Global<\/a> penciled in 3.5-3.6% growth in FY 2023-24 late last year. The EBRD<\/a> and Morgan Stanley<\/a> are slightly more optimistic and set growth expectations between 4.2-4.5%.<\/p>\n

While the government is even more optimistic:<\/strong> The Madbouly government sees the economy growing at a 4.7% clip<\/a> in the coming fiscal year, from an estimated 3.0% in FY 2023-2024 and 4.2% the year before.<\/p>\n

A regional conflict could further hit Egypt\u2019s economy: <\/strong>\u201cThe conflict in the Middle East will likely exacerbate the inflation problem, eroding households\u2019 purchasing power and constraining activity in the private sector,\u201d the lender wrote. A heightened conflict will \u201cintensify pressures on external accounts through implications on tourism, remittances, and oil trade balance.\u201d<\/p>\n

We\u2019re still expected to be one of the top performers in the region for FY 23\/24:<\/strong> The only countries with stronger projected growth rates for FY 23\/24 are Libya (14.1%), Djibouti (4.7%), and Iran (4.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Economic growth could be further hit by the extension of a regional conflict.<\/p>\n","protected":false},"author":1,"featured_media":613216,"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-613215","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":"cbee3c58-b57c-4307-b4ea-3a5b987a7545","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/664.jpg","photo_position":"above","homepage_title":"","full_issue_title":"World Bank downgrades Egypt\u2019s GDP growth for FY 23\/24 to 3.5%","related_issue":[613210],"teaser":"Economic growth could be further hit by the extension of a regional conflict.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.59c5380a-9b36-4f3a-902c-ffc62ab80d5a.mp3"},"yoast_head":"\nWorld Bank downgrades our GDP growth for FY 23\/24 to 3.5% - 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\/2024\/01\/10\/world-bank-downgrades-our-gdp-growth-for-fy-23-24-to-3-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank downgrades our GDP growth for FY 23\/24 to 3.5%\" \/>\n<meta property=\"og:description\" content=\"Economic growth could be further hit by the extension of a regional conflict.\" 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582909,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/growth-slows-in-2q-2022-2023\/","url_meta":{"origin":613215,"position":4},"title":"Growth slows in 2Q 2022-2023","author":"enterpriseam admin","date":"15 March 2023","format":false,"excerpt":"The economy expanded at a 8.3% clip in the same period last year","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\/3\/Cairo-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547085,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/world-bank-revises-fy-2021-22-growth-forecast-up-to-6-1\/","url_meta":{"origin":613215,"position":5},"title":"World Bank revises FY 2021-22 growth forecast up to 6.1%","author":"enterpriseam admin","date":"8 June 2022","format":false,"excerpt":"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\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\/6\/187.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\/613215","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=613215"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613215\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/613210"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/613216"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=613215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=613215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=613215"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=613215"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=613215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}