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Egypt revises target GDP growth to 3.5% for FY 2020/2021

Egypt revises target GDP growth to 3.5% for FY 2020/2021

ArabFinance: The Egyptian government has amended its target economic growth for fiscal year (FY) 2020/2021 to 3.5% from 4.5%, Planning Minister Hala el Saeed noted in an April 21st statement.

Forecasts for the country's gross domestic product (GDP) have also been revised to 4.2% for FY 2019/2020, a decline from 5.1% as the pandemic crisis is taking its toll on the economy, the statement added.

The new figures come with a scenario that the worst will end by June, but projections will be cut by another 30% if the crisis continues till December, El Saeed highlighted.

However, Fitch Solutions and the World Bank (WB) are among international institutions expecting Egypt to top the list of high economic growth rates in the region during 2020.

In mid-April, the Egyptian government has set a 50% probability that the coronavirus will be contained in the country by September.

There are other two scenarios: one includes a 30% chance the pandemic will be brought to an end by December, while the other suggests a 20% probability that the threat of coronavirus will diminish by June.

 

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