egypt economy 2020

The country has continued to push through with social and economic reforms, significant public spending levels and investments in national projects. In April 2020 the Ministry of Finance downgraded its growth forecast for FY 2020/21 from 4.5% to 3.5%, before reducing this further to 2% in May 2020. Egypt has successfully diversified its economy and it already produces a wide range of agricultural, pharmaceutical and manufacturing products. It is one of the few African countries expected to record a positive growth in 2020, at 3.6%, despite the adverse impact of the COVID–19 pandemic. Egypt's economy is likely to grow 5.8% in the current fiscal year ending on June 30, and 5.9% in 2020/21, according to a Reuters poll - an improvement on the previous poll three months ago. Although Egypt faces the challenges of 2020 from a relatively robust position, lockdown measures and market turbulence have significantly impacted the economy. Egypt remained resilient throughout 2020 despite the economic blow COVID-19 has brought on the global economy. All suggestions for corrections of any errors about Egypt Economy 2020 should be addressed to the CIA or the source cited on each page. IMPACT OF COVID-19: As of December 1, 2020, 6,666 deaths had been attributed to the pandemic in Egypt, and economic growth was forecast to decline to 3.5 percent for the year. Egypt is considering selling ownership in three more army-held companies in 2021, a potentially historic opening of part of the economy to much-sought-after private investment. The economy grew at a slower rate than in 2019 (5.6%) but did not enter a recession, These included an Economic Monitor, released in October 2020, and the Country Private Sector Diagnostic, in December 2020. 1 – The Egyptian economy recorded a growth rate of 3.6% during the fiscal year 2019/2020. However, in 2011, the government underwent a political revolution that left significantly reduced its growth. This page has economic forecasts for Egypt including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Egypt economy. 2 – The economy is expected to achieve a growth rate of 2.8% during the current fiscal year. 2) The rank that you see is the CIA reported rank, which may have the following issues: Below are six figures that indicate how the Egyptian economy will continue to improve in the coming period. Domestic demand and foreign inflows will be muted early in the 2021-25 forecast period but economic growth will rise above 5% a year from 2022/23. Recent macroeconomic and financial developments Egypt’s economic growth has been strong and resilient since the economic reforms initiated in 2016. 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