Egypt’s economy will grow at a 3.3% clip during FY 20/21

Egypt’s economy will grow by a subdued 3.3 percent n the fiscal year that began in July, a Reuters poll of 20 economists showed on Tuesday, down from the 5.9 percent the government had been aiming for before the coronavirus pandemic hit earlier this year.

However, this is a slight upwards revision from the 3.1 percent growth economists had penciled in for FY2020-2021 in a similar poll in July

The pandemic caused tourism to collapse since March and other parts of the economy to slow but the growth forecast is slightly improved on the 3.1 percent figure predicted in a poll three months ago.

The economists’ forecast is more optimistic than the Planning Ministry’s projection in May that we would only see 2% growth if the pandemic continues into December — but more or less matches expectations from the IMF, Fitch, and Deutsche Bank

. The figure falls below the Finance Ministry’s forecast, which said in June it sees GDP growth for FY2020-2021 coming in at 5 percent.