World Bank: Egypt’s financial expansion to decrease to 4.5 percent in FY 2022-23

2022-12-26 02:05:23

(MENAFN) Egypt’s financial expansion is estimated to decrease to 4.5 percent in the economic year 2022-23 from 6.6 percent in 2021-22, impacted by the Russia-Ukraine conflict overlapped with persisting COVID19-associated disturbances, as mentioned in the World Bank’s Egypt Economic Monitor report.

On the other hand, the expansion is estimated to surge following that as the nation carries to push ahead with macroeconomic stabilization and structural reforms, in line with the report.

Although critical sectors carry on to thrive, mainly gas extractives, advancing from the surged international prices and the resilient communications, agriculture as well as construction industries, additional actions are estimated to carry on performing under potential, involving production.

Throughout the fiscal year 2022-23, inflation is forecasted to exceed over the Central Bank of Egypt’s aimed at range from 5 to 9 percent and stay in double digits, after the effect of depreciation, imported inflation, supply bottlenecks, as well as the possible continuation of adjustments to fuel costs.

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