World Bank sees Egypt economy growing 5.8% in 2019/20

The World Bank forecast that Egypt’s economy would grow by 5.8% this fiscal year, marginally lower than the government’s target of 5.9% but in line with the bank’s expectation six months ago.

The World Bank inched up its growth estimate for Egypt’s gross domestic product (GDP) in the last fiscal year to 5.6% from 5.5%, matching the government’s figure. Egypt’s fiscal year starts on July 1.

“Egypt is sustaining its robust growth, fiscal outturns are improving, and external accounts are stabilizing at broadly favorable levels,” the institution said in a country note accompanying its regional economic update.