The World Bank revised Egypt’s projected real gross domestic product (GDP) for 2 years, the current and coming fiscal year (FY), cutting the number to 4% from 4.8% in their June 2023 Global Economic Prospects report.
The bank previously estimated Egypt’s real GDP growth to be 4.5% in FY 2022/2023 and 4.8% in FY 2023/2024.
The adjusted outlook for FY 2023/24 and FY 2023/24 is credited to Egypt’s ongoing economic struggles, according to a report published on several accredited news websites.
The World Bank also hinted at the rising toll of climate change on Egypt, forecasting that two to six percent of the country’s GDP in 2060 will need to address potential challenges from droughts, heat waves, and soil degradation.
According to the Ministry of Finance’s draft budget report, Egypt’s GDP for the current FY is expected to reach 4.2 percent – aligning closely with the World Bank’s amended outlook.
The revised report comes in light of the government’s plan to launch its FY 2023/2024 budget plan in July, targeting total expenditures of EGP 3 trillion (USD 97 billion) and revenues of EGP 2.1 trillion (USD 67.9 billion).
