Moody's, the international credit rating agency, has announced the growth of the Egyptian economy at a strong pace, thanks to the economic reforms adopted by the government and the central bank's financing initiatives to support key sectors of the economy that improve the business environment.
Moody's expects private sector credit growth to accelerate to between 12 and 15 percent in 2020, driven by the economic momentum the country is witnessing amid low inflation combined with falling interest rates, thus encouraging companies to move forward in raising their capital spending.
According to Moody’s, the steps taken by the Egyptian government in cooperation with the Central Bank to improve the national economy, have succeeded in revitalizing vital sectors such as manufacturing, energy, agriculture, and tourism, which is one of the most important sources of foreign income for the country, where the number of tourist missions doubled by more than 20 percent in 2019, with expectations for this sector to witness further prosperity.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
