Cairo – Mubasher: Egypt is set to be the only country in the MENA region to recover to pre-pandemic economic growth rate in fiscal year 2021/2022, the Ministry of Finance said in a statement on Monday, citing forecasts by Standard Chartered.
The most populous Arab nation is expected to post a gross domestic product (GDP) growth rate of 5.5% in the coming fiscal year, according to Standard Chartered.
The country is also projected to be among the top 10 countries with the fastest growing GDP by 2030.
As for the International Monetary Fund (IMF), the North African nation’s economy is expected to grow by 5.5% in FY21/22 and 5.8% in FY24/25.
Overall budget deficit is seen at 6.6% of GDP in FY21/22 and 4.9% in FY24/25, while the primary surplus is forecast to reach 2% of GDP annually in FY22/23 and FY24/25.
Fitch Ratings also sees the country’s real GDP growing by 6% in FY21/22 with “the recovery of tourism to Egypt and shipping through the Suez Canal, supported by a global economic recovery.”
