Egypt's real GDP to rise to 5.9%, up to 6% in 2022

The World Bank expects that Egypt's real GDP growth will reach 5.9 percent in 2020, up from 5.7 percent in 2018, forecasting 6 percent growth in 2021-2022.

According to its semi-annual Global Economic Prospects report, the World Bank said that Egypt is among the group of stable oil importers, describing it as the sub-region's largest economy.

Egypt's inflation, the report notes, subsided substantially in the second half of 2019, allowing the Central Bank to cut interest rates three times since August.

New financial reforms, such as the new investment law and stronger minority investor protection in Egypt, besides other reform procedures adopted in MENA countries, are expected to help relieve financial constraints in the corporate sector in the region, support investor confidence, and raise foreign direct investment (FDI), the report mentioned.