World Bank revises down forecast for Egypt GDP growth in FY2022/2023

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World Bank revises down forecast for Egypt GDP growth in FY2022/2023

STORY: World Bank revises down forecast for Egypt GDP growth in FY2022/2023 DATELINE: April 7, 2023 LENGTH: 00:01:09 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of Cairo 2. various of banks in Cairo 3. various of supermarkets and markets in Egypt 4. various of tourism industry and shipment industry in Egypt STORYLINE: The World Bank (WB) has revised down its forecasts for Egypt's real GDP growth in 2022-2023 fiscal year and 2023-2024 fiscal year to 4 percent in each of these two fiscal years, down from 4.5 percent it projected in December 2022. In its economic updated report for the Middle East and North Africa (MENA), according to Ahram Online on Thursday, the WB noted its forecast for GDP growth in Egypt for these two fiscal years falls below the 6.6 percent achieved by the country in 2021-2022 fiscal year. The WB report cited improvements in the country's reserves due to the increase in revenues of tourism and Suez Canal as well as foreign financing. However, the WB report found that the h

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