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Egypt's economy expected to see 5.6% rebound in 2021-22

Egypt's economy expected to see 5.6% rebound in 2021-22
Minister of Planning and Economic Development, Hala El-Saeed

Cairo - Mubasher: Egypt's economic growth is projected to rebound to 5.6% during fiscal year 2021/2022 despite the coronavirus (COVID-19) economic repercussions, the Egyptian Minister of Planning and Economic Development, Hala El-Saeed, announced.

El-Saeed said that Egypt has been able to tackle the COVID-19 crisis because of the reforms that have been implemented since 2016, achieving economic growth of 3.3% in 2021.

The minister further remarked that the country has advanced six positions in the World Bank's (WB) Doing Business 2020 Index to reach 114 among 190 countries.

The ranking is attributed to four business reforms carried out in Egypt, including starting a business easier, improving the reliability of electricity supply, protecting minority investors, and making the tax payment easier.

Hence, Egypt has recorded the second-highest number of reforms implemented among the MENA countries.

El-Saeed announced that the country has also ranked the second most attractive destination for foreign direct investments (FDI) in the Arab region during 2020, with $5.9 billion FDIs that account for 14.5% of the region's total investments worth $40.5 billion.