Beltone Financial sees 6.1% growth in Egypt’s economy in FY21

Beltone Financial, the Egyptian investment bank owned by billionaire Naguib Sawiris, expected that Egypt’s economy will achieve a growth rate of 6.1 percent within the 2020/2021 financial year from 5.6 percent during the 2018/2019 financial year.

In its annual report about Egypt’s economy 2020, the bank said on Sunday the country’s economic growth will continue, driven by the noticeable increase in the revenues of tourism and natural gas.

It noted that underway mega national projects will contribute to sustaining the economic growth in Egypt, as they are expected to give more space to the private sector to absorb new entrants to the labor market each year.

The bank predicted a decline in the current-account deficit to reach $7.2 billion of GDP in the current financial year.

It forecast that the Egyptian market will see the best performance in terms of profitability of shares denominated in dollars by 15.1 percent, surpassing the Middle East markets and border emerging markets.

As for the interest rates, the bank expected that the Central Bank of Egypt will keep lowering the interest rates in 2020 by 300 basis points, which will positively reflect in the performance of shares at the stock exchange

Source: MENA