Egypt’s Current Growth Momentum to Continue into 2021: HSBC's Global Economic Outlook

Speaking at HSBC’s Global Economic Outlook virtual roadshow event in Egypt, economists at HSBC forecast positive growth for the country, expecting gross domestic product (GDP) to expand 2.4% year-on-year (YoY) in 2020, compared to an expected global contraction of 4.1%. According to HSBC estimates, Egypt’s GDP growth is anticipated to come in at 2.5% for 2021.

Addressing these estimates, Deputy Chairman and Chief Executive Officer of HSBC Egypt, Todd Wilcox praised the country for its resilience through COVID-19, supported by its 2016 reform strategies which strengthened the economy prior to the onset of the pandemic-induced crisis.

According to HSBC, Egypt’s econ...