Egypt’s Gross Domestic Product Forecast to Increase by 5.4% in 2021: United Nations

According to the World Economic Situation and Prospects 2021 report published by the United Nations (UN), Egypt’s Gross Domestic Product (GDP) is anticipated to rise by 5.4% in 2021.

The report attributes this expected growth to the country’s strong recovery of domestic demand and absence of severe balance-of-payments constraints. Egypt’s GDP for 2020 is estimated at 0.2% for 2020. These growth forecasts come despite the challenges posed by the COVID-19 pandemic in 2020.

The report added that higher fiscal expenditures in Egypt were supported by foreign currency financing through multilateral institutions and a softening monetary policy stance which helped prevent a decline on a yearly basis in 2020. This is positive news for the country given the ec...