Cairo – Mubasher: The World Bank forecasts Egypt’s budget deficit to register 8.3% of gross domestic product (GDP) in 2019, according to a report released on Thursday.
The North African nation’s budget deficit fell to 9.7% of GDP in 2018 from 12% in 2016, the report added.
The lower budget deficit was primarily caused by slashing energy subsidies and increasing revenues.
Moreover, the World Bank also forecasts Egypt’s economy to grow by 5.8% in fiscal year 2019/2020 and 6% in FY20/21.
Earlier, the Egyptian prime minister Mostafa Madbouly said that the government targets an 8% economic growth by 2022.
