World Bank issues negative forecast for Egypt’s economy

The World Bank lowered its forecast for Egypt’s gross domestic product growth during the current fiscal year to four percent from 4.8 percent which it had previously predicted in its October report.

According to a report on the latest economic developments on Thursday, the World Bank anticipates a slowdown in the growth of the Egyptian economy during the current year, compared to a growth of 6.6 percent during the past fiscal year.

On March 14, the Egyptian government announced an expected growth of the economy during the current fiscal year by 4.2 percent, which is higher than the latest estimates announced by the IMF, which amounted to 4 percent.