The Egyptian Minister of Finance, Mohamed Maait, revealed that Egypt had succeeded in escaping the violent recession that faced the global economy, due to the repercussions and risks left by the emerging coronavirus pandemic, pointing out that “Egypt has succeeded in maintaining a growth rate at the level of 3.6 percent of the GDP in light of the "Corona" crisis, while most of the growth levels have declined in most countries," noting that "the unemployment rate did not exceed the level it was during the 2017-2018 fiscal year, reaching a level of 9.6 percent by the end of the middle of this year."
Maait pointed out that "Egypt has retained the confidence of all global evaluation institutions, such as "Standard & Poor's", "Moody's" and "Fitch" during one of the most difficult periods in the global economy in light of the Corona pandemic. The Egyptian economy also preserved the confidence of investors in the region, as the sovereign evaluation and credit rating of Egypt were confirmed with a stable outlook for the Egyptian economy, which is an important achievement for Egypt, which won the confidence of international financial institutions and the international investment community.
He also explained that "basic commodity prices have stabilized, as a record level of inflation was achieved at 4.2 percent at the end of last June, compared to about 8 percent during the same period last year," stressing that "Egypt was able to reduce the total deficit of the GDP to 7.9 percent during the last fiscal year, compared to 8.2 percent during the 2018-2019 fiscal year.
Source (Al-Arabiya.net, Edited)
