The "Fitch" credit rating agency expected that the Egyptian economy will become one of the few economies in the world that witnesses positive growth during the "emerging corona virus" pandemic, indicating that the Egyptian economy is recovering and growth will return to its levels before the current pandemic.
According to the agency, the Egyptian GDP growth will recover to 5 percent during the fiscal year 2021-2022, topping the list of countries that have achieved a recovery to pre-pandemic levels in the Middle East and North Africa region.
The agency indicated that the Egyptian economy still maintains positive growth in the domestic product despite the repercussions of the pandemic and its negative effects on all economies, by supporting the growth of government spending during the pandemic period. It also revealed that the recovery of the tourism sector, after the strong support it received from the Egyptian government, and the expansion of natural gas production, which is expected to rise during the current year, have both contributed to pushing towards growth, in addition to the revenues of the Suez Canal, and the measures taken by the Monetary Policy Committee in the Central Bank of Egypt through reducing the interest rate.
Source (Al-Arabiya.net, Edited)
