Egypt Independent

Egypt GDP may increase 5.8 percent in 2020: World Bank



 

Egypt’s Gross Domestic Product is estimated to grow at a rate of 5.8 in the year 2020, according to the World Bank’s MENA Economic Monitor Report of October 2018.

The report attributes Egypt’s comprehensive economic reform program to the estimate, as well as its GDP growth estimates of 5 percent in 2018, and 5.5 percent in 2019.

Meanwhile, the MENA (Middle-East and North Africa) region is expected to record an average growth of 2 percent in 2018, and 2.6 percent in 2020 – compared to 1.4 percent in 2017.

“The mild rebound in regional growth reflects the positive impact of reforms and stabilization policies undertaken in many countries,” the report opines, “in tandem with the recent pick up in oil prices and external oil demand.”

The report also names challenges to growth, warning that a slow pace of reforms, rising debt levels and high unemployment rates could deter economic recovery, and hamper the long-term growth prospects of the region.

The report advises countries in the MENA region to develop their digital economies, while increasing industrial exports, to fasten their pace of economic growth.

 

Edited translation from Al-Masry Al-Youm.