Egypt\u2019s economic growth is expected to account for 17% of Africa\u2019s output growth in 2022, according to a report prepared by the African Import-Export Bank (Afreximbank).<\/p>\n
The bank is upbeat about growth prospects on the continent in the near term, despite significant challenges to the global economy presented by the fallout from Russia\u2019s war in Ukraine.<\/p>\n
Egypt takes the spotlight in Afrexim\u2019s most recent report<\/strong> which attributes strengthening growth in North Africa to \u201cimpressive performance\u201d in Egypt over the past couple of years. The country ties with Nigeria in the bank\u2019s forecast of the two most significant drivers of growth on the continent in 2022. Our GDP grew at a strong 9% clip in 1H 2021-2022, with the second quarter of the fiscal year alone seeing 8.3% growth, beating expectations. The economy grew at a 5.4% clip in 3Q 2021-2022 (the three months ending 31 March 2022) accelerating from 2.9% in the same period last year, despite the quarter including inflation and commodity price shocks from the war in Ukraine. After accounting for the war\u2019s fallout, the government revised upwards its 2021-2022 growth outlook to 6.2% on the back of the figures.<\/p>\n There are a lot of reasons for this: <\/strong>Structural reforms enacted in Egypt before the pandemic hit \u201celiminated currency overvaluation and strengthened the business climate to boost competitiveness,\u201d the report said. \u201cA buoyant gas extraction sector; stronger private consumption; and growing remittances and capital inflows,\u201d were also responsible for our strong performance, the report notes.<\/p>\n","protected":false},"excerpt":{"rendered":" Egypt\u2019s economic growth is expected to account for 17% of Africa\u2019s output growth in 2022, according to a report prepared by the African Import-Export Bank (Afreximbank).<\/p>\n","protected":false},"author":2,"featured_media":321746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[],"class_list":["post-325681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news"],"yoast_head":"\n