Egypt Receives First Downgrade of 2021 from Fitch Solutions, the Third in Three Months

In its Middle East and North Africa (MENA) macroeconomic update released on the 11th of January 2021, Fitch Solutions’ downgraded Egypt’s real gross domestic product (GDP) growth estimate for the third time in three months, to 3.0% for 2021, down from 3.2% projected in December 2020. This followed a 3.3% real GDP estimate for 2021 made in November 2020. Fitch Solutions’ also expects Egypt to achieve GDP growth of 4.0% over the next four years.

Fitch Solutions’, anticipates Egypt to show stronger growth compared to the MENA region, given that it benefits from an early roll-out of the COVID-19 vaccine, Government investment in information and communication technology, construction and transportation projects, in addition to the rising export demand coming...