World Bank expects Egypt’s GDP growth to hit 4% in FY2023/24

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The World Bank Group is expecting Egypt’s real gross domestic product (GDP) to grow to 4% in both fiscal years (FY) 2023/2024 and 2024/2025, according to the bank’s recent report focused on the MENA region.

The forecast for Egypt echoes the expectation that the recent depreciation of the Egyptian pound may boost its competitiveness, the report pointed out.

Growth is expected to be sustained in the services sector, mainly tourism and Suez Canal activity, as well as in construction, the international financial institution said in the report.

The country’s development financing needs for food security in 2023 are projected to be between $2.77 billion and $4.15 billion, rising to between $2.77 billion and $5.25 billion in 2027, the report added.

These figures highlight the scale of the challenge, particularly given that they only account for the bare minimum calorie requirement and do not take into account the diversity needed for a healthy diet.

In 2024, financing needs for food insecure people in Egypt are forecast to be between $2.64 billion and $4.55 billion, according to the report.

In its January Global Economic Prospects report, the World Bank estimated Egypt’s real GDP to slow down to 4.5% in FY 2022/2023.