Planning minister: Performance of Egyptian economy one of the best amid virus crisis

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Thu, 04 Jun 2020 - 11:08 GMT

FILE – Planning Minister Hala El Saeed

FILE – Planning Minister Hala El Saeed

CAIRO - 4 June 2020: Planning Minister Hala el Saeed said Thursday that her ministry is keen to give out information about the current economic situation and indices as well as to provide economic analysis amid the current global crisis of the novel coronavirus outbreak.

This came in a report published by the Ministry of Planning to give analysis on the development of some indices related to the economic and social performance during the third quarter of the current fiscal year 2019/2020.

Saeed said the Egyptian economy is solid and managed to face the pandemic crisis thanks to the economic reform program that has been adopted, noting that Egypt achieved high growth rates at the international level.

The report showed that Egypt achieved real economic growth hitting 5 percent during the third quarter of the current fiscal year, noting that the real economic growth was expected to reach 5.9 percent before the pandemic.

The COVID-19 has affected the growth of several sectors including tourism, industry, wholesale and retail trade.

Egypt's economic growth rate was one of the highest in the world during the third quarter of the current fiscal year thanks to the diversity of the economy’s structure.

The government investments went up by 23 percent during the period from July 2019 to March 2020, totaling LE 113 billion.

The economic growth is currently reaping the fruit of the massive public investments pumped by the state and totaling more than LE 4 trillion.

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