Cairo – In the latest report, the World Bank expects Egypt to achieve a growth rate of 4.8% in 2022/2023, which is the best rate among the most important economies in the Middle East and North Africa.
The report revised up the expectations for the country’s economic indicators. The fiscal deficit rate was revised down to 6.7% in October 2022 from 7.3% last April, while current accounts compared to the GDP for 2022-2023 were revised down to 4.1% in October 2022 from 5% in April.
Developing oil importers are expected 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.
Iraq is expected to register a growth of 4.3%, the United Arab Emirates 4.1%, Morocco 4%, Oman 3.9%, Saudi Arabia 3.7%, Qatar 3.4%, Tunisia 3.3%, Bahrain 3.2%, Palestina 3%, Kuwait 2.5%, Algeria and Jordan 2.3%, and Iran 2.2%.
Translated by Georgette Merkhan & Guilherme Miranda
