The Egyptian Ministry of Finance revealed that the rating issued by Standard & Poor's Corporation expects the continuation of improvement in the performance of Egyptian economic indicators.
According to the Ministry of Finance, the "Standard & Poor's" rating predicted the continuation of the decline in public debt to 80.5 percent of GDP by 2022, and also expected the unemployment rate to continue to decrease to 7.5 percent by 2022.
The international rating Agency also expected the budget deficit to continue the decrease and to reach 7.8 percent in 2020, while Egypt aims to reduce it to 6.4 percent.
The "Standard & Poor's" report comes after a report issued by the PMI that showed non-oil private sector activity in Egypt increased during the month of December for the first time in 3 months, to record 48.2 points compared to 47.9 points in November. Although this reading of the index indicates a slightly lower deterioration than its predecessor, but it is moderate in trade conditions at the level of the private sector that is not producing oil in Egypt.
Source (Al-Sharq Al-Awsat newspaper, Edited)
