The Egyptian Cabinet’s Information and Decision Support Center has revealed that the country’s economy expects 4.4% growth in fiscal year (FY) 2020/21.
The data comes as part of an infographic published by the centre that includes the main points addressed in the Economist’s Outlook report on Egypt issued in June 2021.
The report monitors positive expectations for the Egyptian economy until FY 2023/24, taking into account the novel coronavirus (COVID-19) pandemic and its negative repercussions. It was accompanied by positive expectations for the growth rates reported by the exports and imports of goods and services.
The Economist expects exports of goods and services to grow at a rate of 13.5% in FY 2021/22, compared to a growth rate of 8.5% in FY 2020/21, and -21.7% in FY 2019/20.
This remarkable improvement in exports and imports of goods and services leads to expectations of further improvement during FY 2021/22.
The report also stated that the energy and construction sectors will be the main drivers of growth in the middle of the forecasted period, and also expected that tourism, export and other services sectors will revive later in the forecasted period.