Egypt to record growth rate of 3.5% during 20/21

CAIRO – 19 October 2020: Egypt is expected to achieve a real growth domestic product (GDP) of 3.5 percent during 2020/2021, the World Bank stated in a report Monday.

It also anticipated the Egyptian economy to hit a growth rate of 5.8 percent in 2022/2023, which matches the International Monetary Fund (IMF). 

This came in a report, titled: "Trading Together: Reviving Middle East and North Africa Regional Integration in the Post-COVID-19 Era.” The report gives a comprehensive picture of MENA’s economic situation six months into the COVID-19 pandemic.

“Egypt is the only country in the Middle East and North Africa to witness positive real GDP growth in 2020/2021,” the reported added.

The report included the measures taken by the Egyptian government in cooperation with the World Bank to mitigate the economic fallout of the ongoing COVID-19 pandemic.

It referred to the initiative to offer a LE 3 billion insurance credit for the Central Bank of Egypt (CBE) to provide low-interest loans to support the tourism industry.

The bank also applauded Egypt's successful infirtlation into the global market by raising $5 billion in May in its largest-ever issuance in international bond markets.