The World Bank raised its prediction for Egypt's economic growth to 4.2% for the next fiscal year 2024/2025, up from 3.9%, according to a report released by the multilateral lender Monday. At the same time the bank lowered the projected growth for the current year to 2.8% from 3.5%.
These changes reflect geopolitical tensions in the Middle East and the uncertainty stemming from potential escalation in the conflict between Israel and Iran. The World Bank noted that the tourism sector was likely to be particularly impacted in neighboring countries.
On the positive side, the report pointed out that decreasing oil and food prices have benefited oil-importing economies in the region.
The World Bank went on to note the global impact from Houthi attacks on commercial shipping in the Red Sea, detailing how the diversion of trade is raising costs including insurance and shipping rates.
In Egypt, trade disruptions have led to supply chain bottlenecks, inflation, and shortages of staples. The World Bank added that Egypt’s vulnerability to a balance of payments crisis could be increased by a sustained slowdown in maritime traffic through the Suez Canal.
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