EBRD lowers Egypt's 2023 GDP growth forecast to 4.2 pct

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EBRD lowers Egypt's 2023 GDP growth forecast to 4.2 pct

STORY: EBRD lowers Egypt's 2023 GDP growth forecast to 4.2 pct DATELINE: May 17, 2023 LENGTH: 00:01:10 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of shops Egyptian people shopping 2. various of the central bank of Egypt STORYLINE: The European Bank for Reconstruction and Development (EBRD) has lowered Egypt's inflation-adjusted GDP growth forecast for 2023 by 0.1 percent to 4.2 percent, Egypt's Al-Ahram newspaper reported on Tuesday. The report cites challenges such as inflation, tight monetary conditions, difficulties in obtaining external financing, and delays in structural reforms and asset sales. Egypt's real GDP growth in the first half of the current fiscal year 2022/23 was 4.2 percent, a significant decline compared to the same period of the previous fiscal year. The EBRD noted that the slowdown was driven by a decline in the manufacturing and construction sectors due to foreign currency shortages, and reduced Suez Canal and tourism revenues. Xinhua News Agency correspondent

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