Egypt is one of the few major emerging markets to maintain its positive Growth Domestic Product (GDP) outlook despite the coronavirus and its economic impact, said Egypt’s Information and Decision Support Center citing a recent report released by Fitch Solutions for the fourth quarter of 2020.
Back in a March 2019 report, Fitch explained that Egypt had made further progress in implementing its economic and fiscal reforms to drive macroeconomic stability, fiscal consolidation and stronger external finances.
Minister of Finance Mohammed Maait stated that the Fitch ratings took into account the successful steps that the government implemented as part of the economic reform program, including increasing the volume of foreign investments.
The Fitch Agency forecasted that Egypt’s GDP growth would jump to 5.5 percent in the 2019 and 2020 fiscal years, while inflation rates would dip to 11.6 percent in 2019, compared to 13.0 percent in 2018. Moreover, it predicted smaller Current Account Deficits (CAD) in 2018 and 2020, averaging 2.5 percent of the GDP.
