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Fitch downgrades projections for Egypt's economic growth

Fitch downgrades projections for Egypt's economic growth

ArabFinance: Fitch Solutions downgraded its forecast for Egypt’s real gross domestic product (GDP) growth for the second time in two months to reach 3% in 2021, according to the agency's Middle East and North Africa macroeconomic update on January 11th.

The figure marked a decline from the 3.2% projected in December.

Egypt was the only country that had witnessed positive growth in 2020, estimated at 3.5%, Ahram Online noted.

The International Monetary Fund recently raised its growth outlook for Egypt in fiscal year 2020/2021 to 2.8%, up from its 2% forecast in June.

Finance minister Mohamed Maait earlier said the GDP growth would range from 2.8% to 4% during the fiscal year 2021/2022.

 

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