For the MENA region, the World Bank expects the region to see its best growth year since 2016, with growth across the region forecasted at 5.5% in 2022 before slowing to 3.5% in 2023
The World Bank (WB) has lowered its economic forecast for Egypt for the current fiscal year (FY2022/2023), now expecting a growth rate of 4.8% in its October MENA Economic Update report. In April, the WB predicted Egypt’s economy to grow at 5% in FY2022/2023.
In terms of oil importers in the region, Egypt is second only to Djibouti, which is expected to see its economy grow 5.3% in 2023.
For the MENA region, the World Bank expects the region to see its best growth year since 2016, with growth across the region forecasted at 5.5% in 2022 before slowing to 3.5% in 2023.
“This average growth masks uneven patterns across countries. In the GCC, growth is expected to accelerate to 6.9% in 2022” on the back of higher crude oil prices, while non-GCC oil exporters will also see similar growth.
"All countries in the MENA region will have to make adjustments to deal with significantly higher prices for food and other imports, especially if they lead to an increase in government borrowing or currency devaluations," said Ferid Belhaj, World Bank Vice President for the MENA region.
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WB economists expect developing oil importers to grow on average by 4.5% in 2022 and 4.3% in 2023, with Egypt in the lead after reporting a 6.6% growth for the previous fiscal year which was driven by gas exports, telecoms, and tourism.
