When talking about ESCWA’s report, El-Said noted that the report expects Egypt's economy to recover by 6.1 percent in 2021
Dr. Hala El-Said, Minister of Planning and Economic Development, states that international reports praise Egypt’s economic situation and predict improvement in economic indicators during the coming period,
Her statement comes as the Ministry of Planning and Economic Development reviews several international reports on the economic situation in Egypt and the Arab region.
The reports include a survey on economic and social developments in the Arab region in 2019 and 2020 by the United Nations Economic and Social Commission for Western Asia (ESCWA), as well as expectations of the British Standard Chartered Bank.
The minister highlighted that the British Standard Chartered Bank expects that Egypt will achieve the fastest economic recovery in 2021 in emerging markets.
El-Said added that the bank indicated in its report that Egypt is the only country in the region that can return to pre-pandemic growth rates, considering that the decline from 5.5 percent to 3.6 percent is slight, and it is expected that the growth of the Egyptian economy will return to 5.5 percent in 2021.
When talking about ESCWA’s report, El-Said noted that the report expects Egypt's economy to recover by 6.1 percent in 2021.
This is according to the economy’s good performance and the rate of economic growth in 2019 that was driven by the tourism, gas extraction industries, wholesale and retail trade, real estate, and construction sectors. The report forecasts that tourism recovery will be the main force behind economic recovery in general.
ESCWA’s report pointed out that Egypt was able during 2019 to maintain a low current account deficit of approximately 2.5 percent of GDP, thanks to the low trade deficit of about 7 percent of GDP.
The report also indicated an increase in the flow of foreign direct investment by 11 percent in 2019, bringing foreign direct investment in the region to $9 billion, making Egypt the largest recipient of foreign direct investment in the region in that year.
