Cairo – Mubasher: The World Bank expects Egypt’s gross domestic product (GDP) to grow by 4.5% and 5.5% in fiscal year (FY) 2021/2022 and FY22/23, respectively.
The Egyptian government has taken further steps in 2021 to reduce the impact of the pandemic on economy, according to a report released by the World Bank.
“The minimum wage for public sector workers was increased by 20% (starting July), charges on most financial transactions were cancelled for an additional six months from the start of 2021, and further measures were undertaken to encourage lending.”
However, the rise of the number of COVID-19 cases in early 2021 contributed to clouding economic activity.
The country’s economic growth is forecast to slow to 2.3% in FY20/21.
“The 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.”
