The Egyptian Minister of Planning, Hala Al-Saeed, revealed that Egypt will reduce the targeted its GDP growth in the next fiscal year to 2 percent if the Corona virus crisis continues until December.
Al-Saeed pointed out that Egypt was targeting 4.5 percent growth in the next fiscal year 2020-2021, dropping to 3.5 percent if the crisis persists until December.
Egyptian Minister of Planning was speaking during a discussion of the basic features of the sustainable development plan for the 2020-2021 before the Parliament’s Plan and Budget Committee. During the discussion of the state’s general budget project, she reviewed the indicators of the Egyptian economy’s performance before exposure to the Corona Virus Crisis, noting that the economic growth rate reached 5.6 % and the unemployment rate decreased to less than 8%, the average inflation rate decreased to about 5%, and the foreign exchange reserves recovered to cover more than 8.5 months of imports, while the non-oil trade balance deficit decreased by 24%, and the FDI net increased by 19 per cent, as well as remittances of Egyptians working abroad rose by 13 per cent.
Source (Al-Sharq Al-Awsat newspaper, Edited)
