Cairo – Mubasher: The World Bank said that Egypt, among many emerging markets, is facing headwinds that are aggravating pressures on external and fiscal accounts, amidst precarious global economic conditions.
For the Arab state, these global headwinds are reflected in higher domestic prices and pressures on the budget. The World Bank emphasised that the economic reforms carried out by Egypt will help overcome the effects of the current international crisis.
The World Bank said: "Macroeconomic and structural reforms undertaken by Egypt to start addressing entrenched economic and social problems are supporting the country in navigating the current difficult landscape."
Following the strong rebound of 6.60% in fiscal year (FY) 2021/2022, growth is projected to slow down to 4.50% in FY22/23, before starting to level up thereafter.
