Egypt's Economy to Grow by 4.9% in 2022, AfDB Says

The African Development Bank (AfDB) said on Thursday that it expects the Egyptian economy to grow by 4.9% in 2022, compared to 3% in 2021 and 3.6% in 2020.

The Cabinet Media Center published an infographic showing that the country's foreign reserves reached $ 40.06 billion by the end of 2020, at a time when most African countries witnessed a 2.1% contraction in gross domestic product (GDP), the worst recession in more than 50 years.

According to the charts, the Bank stated that about 30 million Africans have slipped below the extreme poverty line in 2020, and an additional 39 million Africans are expected to reach that limit in 2021.

The bank also expected that Africa's GDP will grow by 3.4% in 2021, given the gradual recovery of the tourism sector, along with the easing of COVID-19 precautionary measures.

AfDB indicated that the equitable distribution of vaccines and the advancement of digital transformation processes, in addition to the full implementation of the AfCFTA Agreement, can positively contribute to achieving better economic growth.