Cabinet: Egyptian economy strong despite global trade war

CAIRO - 17 June 2019: The Cabinet media center has praised Bloomberg's recent report which listed Egypt’s economy as one of the most flexible emerging economies in the face of threats of the global trade war, ranking second behind the Philippines in 21 emerging economies.

In a statement Monday, the cabinet said the Bloomberg agency depended on a set of facts, including the GDP growth rate, the performance of currency and increase of foreign currency reserve, local currency performance against international currencies, foreign exchange reserves and credit rating.

GDP growth in the third quarter of fiscal year 2018/2019 reached 5.6 percent, alongside a rise in net foreign exchange reserves by the end of May 2019 to $44.3 billion, with the current account deficit as a percentage of the GDP declined from 6.1 percent in 2016/2017 to 2.4 percent in 2017/2018, it said.

The statement pointed out that the Egyptian credit rating achieved its best level since 2011 after the agencies of Moody’s, Fitch and Standard & Poor’s upgraded Egypt’s credit rating.