HSBC sees Egyptian economy growing at a 2.5-3% in FY2020-2021

HSBC’s forecast is significantly below the Finance Ministry’s estimate, which sees GDP growing at a 5 percent this fiscal year.

HSBC sees the Egyptian economy growing at 2.5-3 percent in FY2020-2021 as strong economic fundamentals help the country weather the worst of the economic fallout caused by the covid-19 pandemic, according to a research note

Growth will remain weak for the remainder of 2020, but the outlook over the next 18 months remains positive, with output likely picking up in 2021, the bank said.

HSBC’s forecast is significantly below the Finance Ministry’s estimate, which sees GDP growing at a 5 percent this fiscal year.