EBRD upgrades Egypt’s GDP growth forecasts in FY2021/22 by 0.8%

The report was published on the side-lines of the EBRD’s 31st annual meeting and business forum, which kicked off on Tuesday in Marrakesh with a special focus on the impacts of the Russian-Ukrainian War on the bank’s countries of operations.

On a calendar year basis, the report expects Egypt’s GDP growth forecast to slow down to 3.1 percent in 2022 — down from 7.2 percent in 2021 — before stepping up to 6 percent in 2023 to be one of the top countries in the Southern and Mediterranean region in terms of output growth projections.

The report also said that this upgrade comes despite the impacts of the war in Ukraine that have resulted in an increase in the prices of wheat, food products, and petroleum.

Furthermore, it added that Egypt’s economic recovery in the first half (1H) of FY2021/22 (July – December 2021), when the country’s real GDP growth averaged 9 percent was fuelled by improvements in tourism, manufacturing, construction, wholesale and retail trade, and agriculture sectors, adding that this recovery will continue through the coming FY.