CAIRO - 31 May 2021:The Senate has approved a draft law on the economic and social development plan for the FY2021/2022.
The upper chamber of parliament gave its final approval on Sunday after over a 4-hour session to debate the bill in the presence of Planning and Economic Development Minister Hala el Saeed.
According to a report by the Senate's financial and economic affairs committee on the bill, the coronavirus pandemic took a heavy toll on global economic activities, which might lead global economy to shrink by about 5 to 8 per cent this year, losing around 8 to 12 trillion dollars during 2020 and 2021.
Meanwhile, global merchandise trade hit an all-time low at about 9.2- per cent during 2020, the reports says.
Moreover, global growth was projected to see a significant decline at 4.4- per cent affected by the severity of the virus-driven economic crisis; however, it was later expected to record a positive growth at 5.2 per cent in 2021 as the pandemic subsides, the reported noted.