A report by the European Bank for Reconstruction and Development (EBRD) noted that the pre-conflict projections were for a 4.9-percent growth, driven by a rise in the telecommunications sector, private consumption and investment.

The EBRD considered that the implications of the war on the southern and eastern Mediterranean regions are significant, particularly due to the rise in oil and food prices.

Ten days ago, the Egyptian Government lowered its economic growth forecasts for the next fiscal year to 5.5 percent, two tenths less than planned in January due to the crisis in Ukraine.

The new figure was presented by Minister of Planning and Economic Development Hala El-Said during a cabinet meeting to discuss the proposals for the 2022-2023 fiscal year, which starts on July 1.

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