World Bank forecasts Egypt’s economic growth to hit 4.8% in FY 2022/2023: Madbouly

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The World Bank Group (WBG) forecast in its latest report that Egypt would achieve an economic growth rate of 4.8% in fiscal year (FY) 2022/2023, as the highest rate among the main economies in the Middle East and Africa (MEA) region, Prime Minister Mostafa Madbouly stated in his speech at the opening of the Economic Conference on October 23rd.

Egypt has recorded a growth rate of about 6.6% in FY 2021/2022, Madbouly highlighted.

Despite the population growth, the gross domestic product (GDP) per capita increased to nearly $4,000 in 2021 from $2,700, Madbouly asserted.

Moreover, he noted that the WBG projected the GDP per capita to reach about $4,500 by 2025.

The Egyptian Economic Conference takes place in the New Administrative Capital from October 23rd to 15th.

The three-day event is organized by the government and is attended by ministers, along with a group of major economists, thinkers, and experts.