Egypt’s Economic Reforms Allow for Positive Economic Growth Albeit Lower than Previously Forecast: Finance Minister

December 02, 2020

Egypt’s Finance Minister, Mohamed Maait, stated that the Finance Ministry’s forecast for gross domestic product (GDP) growth for the country ranged between 2.4% and 4.0% for the fiscal period 2021-2022. This was lower than the pre-COVID-19 GDP estimate of 6.0-6.5% for this period.

Despite this reduction, the Egyptian economy has been reaping the benefits of the country’s economic reform efforts, which is allowing for positive economic growth amidst the global pandemic. The country’s unemployment rate declined to 7.3% in the third quarter of 2020 compared to 7.8% a year ago, according to the data from the Egyptian Central Agency for Public Mobilization and Statistics.