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Egyptian economy exceeds international expectations, report

The Egyptian government said on Saturday that economic indicators show that the Egyptian economy has exceeded international expectations, thanks to the success of the economic reform program and resilience during the coronavirus pandemic.

A statement from the Cabient’s Media Center stated that the the government’s economic reforms have made the economy more capable of facing external and internal shocks. It has transformed into a diversified, productive economy with competitive advantages.

The Egyptian economy has achieve balanced and sustainable growth, with Egypt being among the few countries in the world that was able to achieve positive growth amid the coronavirus pandemic, according to international economic institutions.

The report indicated that Egypt is expected to achieve a growth rate of 2.8 percent in 2020/2021, compared to 3.6 percent in 2019/2020, and it is targeted to achieve a growth rate of 5.4 percent during the current fiscal year 2021/2022.

As for the GDP, the report indicated that it is estimated to reach LE6.4 trillion in 2020/2021, and it is targeted to reach LE 7.1 trillion in 2021/2022, after it made LE5.5 trillion in 2019/2020, LE5.2 trillion pounds in 2018/2019, and LE4.3 trillion pounds in 2017/2018.

The report stated that net international reserves reached reassuring levels to cover commodity imports thanks to the improvement in foreign exchange sources, as they recorded US$40.6 billion in June 2021, compared to US$38.2 billion in June 2020, and US$44.5 billion in June 2019.

The report noted that the net foreign direct investment also increased by 11.6 percent, recording US$4.8 billion during the period (July 2020 – March 2021) compared to US$4.3 billion during the period (July 2009 – March 2010).

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