IMF raises forecast for Egypt's economic growth in FY2020/21

CAIRO - 22 January 2021: The International Monetary Fund (IMF) raised its forecast for the growth of the economy to 2.8% during the current FY 2020/2021 compared to 2% that was expected before that.

The international instituation also estimates that the growth rate would reach 5.5% next fiscal year, and accordingly, Egypt will be among the few countries whose growth exceeds 1.5% during 2021.

IMF also praised Egypt's proactive and targeted response to the economic repercussions of the Coronavirus, which helped Egypt achieve better performance.

It also hailed the Egyptian economic reform program and the country's foreign reserves that reached good levels.

Dr. Hala El-Said, Minister of Planning and Economic Development, said that the confidence of many international institutions in the efficiency of the performance of the Egyptian economy is due to the stability the state was able to achieve after implementing the economic and social reform program in 2016.

El-Said emphasized that the Egyptian economy was able to face the repercussions of the COVID-19 crisis as a result of those reforms that contributed to strengthening the state's ability to absorb the catastrophic effects of the virus.

El-Said indicated that Egypt has achieved advanced growth rates in the world, which was reflected in the praises of those international institutions regarding the Egyptian economy. And these institutions' expectations that the growth rate in Egypt will continue to be positive despite the Coronavirus crisis, unlike many emerging markets.