Cabinet highlights int'l institutions’ positive outlook for Egypt's economy

 

The report attributed the country's strong economic performance, in the face of a coronavirus-led recession, to the bold economic reform program adopted by the government over the past years.

 

According the World Bank, Egypt's pace economic growth will make it top the list of the most growing economies among emerging and developing countries in 2020, the infographic showed.

 

Egypt's economic growth reached 3 percent during the FY 2019-2020, followed by Bangladesh 1.9 percent and China 1 percent; whereas Indonesia is not expected to achieve any economic growth during 2020.

 

The Egyptian economy has also been the least affected by the coronavirus pandemic in the Middle East and North Africa, the World Bank noted, predicting even higher growth rates in Egypt driven by the ongoing structural reforms and an improved private sector.

 

In addition, the WB has also ranked Egypt fifth globally in terms of economic growth in a list of 30 countries that are expected to be the only ones to achieve growth during 2020, prominent among which are China and Vietnam.

 

The listed countries whose GDP is projected to shrink in 2020 include Iran, Turkey, Russia, Qatar, Germany, Spain, the United States and the UK.

 

Meanwhile, Moody's rating agency has expected that Egypt will maintain a higher credit rating thanks to the state's effective economic and fiscal policies, the infographic says.

 

Fitch and Bloomberg projected that Egypt is set to have the highest growth rate in the Middle East and North Africa (MENA) region in 2020.

 

Whereas the European Bank for Reconstruction and Development (EBRD) predicted that the country will continue to see the best growth rate for the fifth consecutive year across the Southern and Eastern Mediterranean region.