International financial institutions share positive on Egypt’s economic outlook – FinMin

International financial institutions, including Standard Chartered, International Monetary Fund, and Fitch Ratings are sharing positive on Egypt’s economic outlook,  Ministry of Finance Mohamed Maait said.

Egypt is set to be the only country in the MENA region to recover to pre-pandemic economic growth rate in financial year 2021/2022, the minister said citing forecasts by Standard Chartered.

Egypt is expected to post a gross domestic product (GDP) growth rate of 5.5 percent in the coming financial year, according to Standard Chartered.

The country is also projected to be among the top 10 countries with the fastest growing GDP by 2030.

As for the IMF, the North African nation’s economy is expected to grow by 5.5 percent in FY21/22 and 5.8 percent in FY24/25.

Overall budget deficit is seen at 6.6 percent of GDP in FY21/22 and 4.9 percent in FY24/25, while the primary surplus is forecast to reach 2 percent of GDP annually in FY22/23 and FY24/25.

Fitch also sees the country’s real GDP growing by 6 percent in FY21/22 with “the recovery of tourism to Egypt and shipping through the Suez Canal, supported by a global economic recovery.”