Fitch Ratings expects Egypt's economic recovery to continue as remittances from Egyptians working abroad rose to $7.5 billion in the fourth quarter of the 2023/24 fiscal year. The tourism sector has shown resilience in the face of growing geopolitical risks.
In its report, Fitch predicted that Egypt's economy will grow at 4.2 percent this fiscal year, driven by higher investment, a recovery in the manufacturing sector, and an expected end to the Gaza war by the end of 2024. However, the hydrocarbon sector and the rising cost of living will weigh on economic growth. Fitch also expects Egypt to reduce its current account deficit to 4.2 percent of GDP ($13.2 billion) in the 2024/2025 fiscal year, driven by higher remittances and a broader services surplus.
Source (Al-Arabiya.net Website, Edited)
