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Egypt estimates economic impacts of COVID-19

Egypt estimates economic impacts of COVID-19
Hala El-Saeed, Minister of Planning, Monitoring, and Administrative Reform

Cairo – Mubasher: The Egyptian government expects an increase in inflation if the global crisis of the coronavirus (COVID-19) persists the end of the year.

If the outbreak continues until December 2020, inflation in Egypt is expected to reach 9.8%, due to higher demand for certain products, led by medical supplies and cleaning products, said Hala El-Saeed, the Egyptian Minister of Planning, Monitoring, and Administrative Reform.

Disruption in supply chains and limited production capacities are also among the economic impacts of the pandemic.

The minister expects the growth rate to reach 3.5% for the first half (H1) of fiscal year (FY) 2020/2021, according to a ministry statement.

In case the outbreak contracted by the end of FY19/20, growth rate is expected at 4.5% for FY20/21.