Egypt’s GDP seen growing 5.4% in 2021: UN report

Egypt’s gross domestic product (GDP) growth rate is estimated at 0.2 percent in 2020 despite the challenges posed by the coronavirus (COVID-19) pandemic, the United Nations (UN) said.

In 2021, the country’s economy is expected to grow by 5.4 percent, “underpinned by a strong recovery of domestic demand and facilitated by the absence of severe balance-of-payments constraint,” according to the World Economic Situation and Prospects 2021, issued by the United Nations Department of Economic and Social Affairs (UN DESA), on Monday.

Africa is forecast to post a GDP growth rate of 3.4 percent in 2021, after a contraction of 3.4 percent in 2020, the report showed.

“We are facing the worst health and economic crisis in 90 years. As we mourn the growing death toll, we must remember that the choices we make now will determine our collective future,” UN Secretary General, António Guterres, said.