World Bank contradicts Egypt's economic predictions
The World Bank has predicted Egypt's economy will grow by 2.6 per cent in the fiscal year 2012/13, a significantly lower figure than estimated by the Egyptian government.
In its latest Global Economic Prospects report published on Wednesday, the bank said political uncertainty and unrest in several countries in the region, including Egypt, was weighing on economic activity.
The Egyptian government has predicted growth of 3.5 to 4 per cent in the current fiscal year ending on 30 June 2013.
The World Bank estimated growth in Egypt would quicken to 3.8 per cent in 2013/14 year and 4.7 per cent in 2014/15.
The bank's prediction for Egypt has been downgraded since its September report, reflecting continued economic turbulence and a delay in a $4.8 billion loan from the International Monetary Fund.