{"id":322303,"date":"2021-06-09T15:29:10","date_gmt":"2021-06-09T15:29:10","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=322303"},"modified":"2021-06-13T09:32:03","modified_gmt":"2021-06-13T09:32:03","slug":"world-bank-says-egypts-real-gdp-to-grow-5-5-in-fy-2022-23","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/06\/09\/world-bank-says-egypts-real-gdp-to-grow-5-5-in-fy-2022-23\/","title":{"rendered":"World Bank says Egypt\u2019s real GDP to grow 5.5% in FY 2022\/23"},"content":{"rendered":"<p>Egypt\u2019s real gross domestic product (GDP) will grow 4.5 percent in the financial year 2021\/2022 \u2013 down from projections in October \u2013 and then the economy will boom 5.5 percent in the 2022\/2023, the World Bank said.<\/p>\n<p>According to the World Bank\u2019s <a href=\"https:\/\/openknowledge.worldbank.org\/bitstream\/handle\/10986\/35647\/9781464816659.pdf\">Global Economic Prospects<\/a>, the Egyptian government has taken further policy steps in 2021 to address the effects of the pandemic.<\/p>\n<p>\u201cThe minimum wage for public sector workers was increased by 20 percent (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.\u201d<\/p>\n<p>However, the rise of the number of COVID-19 cases in early 2021 contributed to clouding economic activity, the World Bank reported added.<\/p>\n<p>The country\u2019s economic growth is forecast to slow to 2.3 percent in the 2020\/2021.<\/p>\n<p>\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<\/p>\n<p>\u201cIn Egypt, growth, having been solid in fiscal year 2019\/20, is expected to slow to 2.3 percent in 2020\/21, starting July, before strengthening again in 2021\/22.\u201d the report read.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s real gross domestic product (GDP) will grow 4.5 percent in the financial year 2021\/2022 \u2013 down from projections in October \u2013 and then the economy will boom 5.5 percent in the 2022\/2023, the World Bank said.<\/p>\n","protected":false},"author":4,"featured_media":319805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[64],"class_list":["post-322303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-world-bank"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - 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