The IMF also states that the growth rate will reach 5.5 percent next fiscal year
The International Monetary Fund (IMF) raises its forecast for Egypt’s economic growth to 2.8 percent, compared to a previous 2 percent, during the current fiscal year 2020/2021.
The IMF also states that the growth rate will reach 5.5 percent next fiscal year, which would make Egypt among the few countries whose growth exceeds 1.5% during 2021.
The institution praised the country’s proactive and targeted response to the economic repercussions of the COVID-19 pandemic, which has helped Egypt sustain positive economic performance, as well as the Egyptian economic reform program.
Minister of Planning and Economic Development, Dr. Hala El-Said, stated that international institutions’ confidence in the Egyptian economy is due to the stability the state was able to achieve after implementing the economic and social reform program in 2016.
El-Said highlighted that the Egyptian economy was able to face the repercussions of the COVID-19 crisis as a result of those reforms that contributed to strengthening the state's ability to absorb the catastrophic effects of the virus.
The minister went on to state that Egypt has achieved advanced growth rates in the world, which was reflected in the praise of those international institutions regarding the Egyptian economy, and these institutions' expectations that the growth rate in Egypt will continue to be positive despite the pandemic, unlike many emerging markets.
