Egypt’s economic growth to decline to 4.5%: WB

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Egypt’s economic growth is expected to decline to 4.5 percent in the fiscal year 2022-23 from 6.6 percent in 2021-22, affected by the Russia-Ukraine war overlapped with persisting COVID19-related disruptions, according to the World Bank’s Egypt Economic Monitor report.

However, the growth is forecast to inch up after that as the country continues to push ahead with macroeconomic stabilization and structural reforms, the report stated.

While critical sectors continue to thrive, especially gas extractives, benefiting from the higher global prices and the resilient communications, agriculture and construction sectors, other activities are expected to continue performing below potential, including manufacturing.—AN