The Investment Bank "Renaissance Capital" raised its forecast for GDP growth in Egypt to 4.2 percent during 2021, driven by growth in the transport, tourism and education sectors, compared to a previous forecast of 2.8 percent issued at the end of last year.
According to the investment bank, Egypt will be able to achieve the expected growth this year, after its gross domestic product grew at a rate of 2 percent on an annual basis in the fourth quarter of 2020, or the second fiscal quarter of the year 2020-2021.
The bank showed that GDP growth is picking up slowly but surely compared to the previous quarter. Noting that although the growth rate for the last quarter of 2020 shows a slowdown compared to a growth of 5.7 percent on an annual basis in the fourth quarter of 2019, but it was better on a quarterly basis, as the GDP recorded a growth of 1.3 percent in the last quarter of 2020, reflecting the continued recovery.
The Egyptian economy grew by 1.5 percent in 2020, down from 5.6 percent in 2019, according to a report by the “Enterprise” economic website.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
