WB expects Egy GDP growth to 4% in 23/24/ Egy trade deficit narrows by 47% in Jan/ Gold prices in Egy fall 2% by bank certificates with 19% ,22% yield
The World Bank Group is expecting Egypt’s GDP to grow to 4% in both fiscal years (FY) 2023/2024 and 2024/2025, according to the bank’s recent report focused on the MENA region.
The forecast for Egypt echoes the expectation that the recent depreciation of the Egyptian pound may boost its competitiveness, the report pointed out.
Egypt’s trade balance deficit dropped by 47% year on year (YoY) to $2.48 billion in January, compared to a deficit amounting to $4.68 in the same month of 2022.
The value of Egyptian exports decreased by 7.1% YoY in January, reaching $3.85 billion. Likewise, imports fell by about 28.2% YoY to $6.33 billion.
Gold prices were negatively affected by the announcement of the new certificates because a large part of the liquidity was diverted to investing in savings certificates. However, the amount of decline in gold prices is weak compared to the amount of increase recorded by gold prices during March by 32%, at a value of approximately EGP 540.
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