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<\/p>\nThe World Bank Group has raised its projections for Egypt\u2019s real GDP growth for 2021 to 5.5 percent from 4.5 percent forecast made in June.<\/p>\n
This is before Egypt\u2019s economy hitting 6 percent in 2022, the World Bank added in its regional economic update report released on October 7.<\/p>\n
The World Bank expounded that the performance of oil importing countries (OICs) in the Middle East and North Africa (MENA) has been dominated by the recovery of Egypt\u2019s economy, which accounts for more than half of this category\u2019s GDP.<\/p>\n
The report estimated the cumulative cost of the pandemic on the Middle East and North Africa region\u2019s GDP in 2021 is forecast to hit around $200 billion.<\/p>\n
\u201cThese costs are calculated by comparing where the region\u2019s GDP would have been if the pandemic had not hit. According to the report, the region\u2019s GDP contracted by 3.8 percent in 2020 and is forecast to grow by 2.8 percent in 2021,\u201d the World Bank report read.<\/p>\n
For 2022, the region\u2019s GDP is expected to grow by 4.2 percent.<\/p>\n
The World Bank also forecast that most economies in the Middle East and North Africa will\u00a0not reach pre-pandemic levels\u00a0of GDP per capita, saying that the recovery process will be uneven because the region-wide estimates mask differences across and within countries.<\/p>\n
The report also pointed out that each economy\u2019s performance in the region relies heavily on its exposure to commodity-price fluctuations and how well it managed the pandemic.<\/p>\n
\u201cThe pandemic\u2019s crippling impact on economic activity in the region is a painful reminder that economic development and public health are inextricably linked. It is also a sad reality check that MENA\u2019s health systems which were considered relatively developed, cracked at the seams under the crisis,\u201d Ferid Belhaj, WB\u2019s vice president for MENA, said.<\/p>\n
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The World Bank Group has raised its projections for Egypt\u2019s real GDP growth for 2021 to 5.5 percent from 4.5 percent forecast made in June.<\/p>\n","protected":false},"author":4,"featured_media":320127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[],"class_list":["post-323598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main"],"yoast_head":"\n