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Egypt’s GDP to grow 3.5%

Christian Fernsby ▼ | May 21, 2020
Egypt’s GDP is anticipated to grow by 3.5 percent in fiscal year 2020-2021 if the coronavirus crisis ends, Minister of Planning and Economic Development Hala al-Saeed said Tuesday.
Egypt farmer
GDP   Egypt farmer
Saeed’s remarks came during a webinar organized by the American Chamber of Commerce entitled “A new Reality: Paving the Way Forward Post COVID-19”.

Topics: Egypt GDP

The minister explained that this 3.5 percent growth rate for 2020/2021 is expected to come instead of the previous pre-coronavirus projection of 5.8 percent.

Unemployment rates are also projected to increase by 2.3 percent to reach 10.3 percent in 2020 compared to the pre-coronavirus projection of eight percent.

Saeed said that LE100 billion has been allocated under a comprehensive crisis plan to support economic activity, raise purchasing power and boost domestic demand.

The government intends to increase health sector investments by 42 percent, education sector investments by 81 percent, transportation and roads investments by 90 percent, and drinking water and sanitation investments by 78 percent.

There will also be a significant 300 percent increase in digitization and telecommunications investments.