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World Bank expects 3.5% growth in Egypt’s GDP for FY 2024/25

Posted on January 21, 2025 |

The World Bank expects Egypt’s GDP to grow by 3.5% in FY 2024/25 and 4.2% in FY 2025/26, driven by stronger private consumption, lower inflation, more remittances, and a better economic outlook.

Egypt’s economy grew by 2.4% in FY 2023/24, mainly due to reduced shipping through the Suez Canal, lower natural gas production, and a slowdown in manufacturing because of high costs, supply issues, and currency shortages.

The government’s decision to change the exchange rate in March 2024 helped boost investor confidence and strengthen the private sector in the second half of the year.

The World Bank attributes the expected growth to the increasing involvement of the private sector and the recovery in important industries.

The IMF has lowered its growth forecast for Egypt by 0.5% for FY 2024/25 and 1% for FY 2025/26.