The World Bank said that the Egyptian economy is expected to rise during 2022 and 2023 to 4.5% and 5.5%, respectively.
According to the World Bank “Global Economic Prospects” report, the Egyptian government has adopted more reform steps during 2021 in order to address the repercussions of the pandemic.
The report pointed out that Egypt raised the minimum wage for public sector employees since July, extended the suspension of fees imposed on most financial transactions for an additional six months starting 2021, and took further measures to boost lending
The International Monetary Fund (IMF) completed the second and final review of the 12-month stand-by agreement (SBA) amounting to $5.2 billion.
The Fund said that the Egyptian economy demonstrated its resilience during the pandemic, through a rapid and balanced response at the policy level, including its request for a financing package through the Rapid Financing Instrument (RFI) and “Credit Standby Agreement” at a value of Almost $8 billion.
the report noted that the country’s forecasts in FY2020/21 reflect retreat in tourism, manufacturing, and oil and gas extraction due to the pandemic, before strengthening again in FY 2021/22.