Cairo – Mubasher: Egypt’s economy still maintains positive outlook amid the coronavirus (COVID-19) pandemic according to several international institutions, the Minister of Finance, Mohamed Maait, said.
The economy's positive indicators reflect its resilience in the face of internal and external crises and its ability for fast recovery from the repercussions of the pandemic, Maait added in a statement on Wednesday.
Egypt is the only country in the MENA region that is expected to rebound to its pre-COVID-19 economic growth rate of 5.5% in fiscal year 2021/2022, according to by Standard Chartered.
The London-based financial institution maintained its previous forecast for Egypt’s economy to be one of the top 10 economies in the world by 2030 in terms of gross domestic product (GDP) growth.
The North African nation is expected to jump to the seventh ranking globally by 2030 from the current 21st, according to Standard Chartered.
In addition, the International Monetary Fund (IMF) raised its projection for the country’s GDP growth rate to 2.8% from 2% in FY20/21 and to 5.8% in FY21/22.
Moreover, Moody’s also said that the most populous Arab nation would be the only country in Africa to keep its positive growth trend before and after the crisis, while Fitch Solutions expects the country to achieve a 3% growth rate in FY20/21.
