Cairo – Mubasher: Egypt is expected to post a gross domestic product (GDP) of EGP 6.4 trillion in fiscal year (FY) 2020/2021 as a result of its expansion in developmental investments, Minister of Finance Mohamed Maait said.
Maait noted that international financial and credit rating institutions have applauded the country’s efforts for attracting new investments and creating jobs, according to a statement on Monday.
International credit rating agencies such as Moody’s, Fitch, and Standard & Poor’s have maintained the country’s sovereign credit rating with a stable outlook amid the COVID-19 crisis.
Egypt has come among the top countries in terms of debt reduction with 20% in three years despite the pandemic.
Standard & Poor’s expected the country to achieve a sustainable growth rate of 5.3% on the medium term in 2022-2024, while Fitch sees the country’s economy growing by 6% in FY21/22.
Fitch also expected the overall deficit to fall to 6.7% of GDP by the end of June 2022, compared to 7.9% at the end of June 2021.
In addition, the International Monetary Fund (IMF) raised its protections for the country’s GDP growth to 5.7% in FY21/22, compared to a previous forecast of 5.5%.
The IMF also expected the GDP to grow by 5.8% in FY25/26 and the inflation rate to drop to 4.8% in FY20/21 from 5.7% in FY19/20.
