Minister of International Cooperation Rania al-Mashat praised Egypt’s ranking on the Economist magazine’s Global Normalcy Index, which tracks the global return to pre-pandemic life.
Mashat stated – in a message on social media – that Egypt came in fourth among ten countries that showed resilience against coronavirus pandemic, according to the index.
The index includes 50 of the largest economies in the world, representing 90 percent of the world’s gross domestic product.
On a similar note, the Egyptian government said in July that economic indicators show that the Egyptian economy has exceeded international expectations, thanks to the success of the economic reform program and resilience during the coronavirus pandemic.
A statement from the Cabinet’s Media Center stated that the the government’s economic reforms have made the economy more capable of facing external and internal shocks. It has transformed into a diversified, productive economy with competitive advantages.
The report indicated that Egypt is expected to achieve a growth rate of 2.8 percent in 2020/2021, compared to 3.6 percent in 2019/2020, and it is targeted to achieve a growth rate of 5.4 percent during the current fiscal year 2021/2022.
As for the GDP, the report indicated that it is estimated to reach LE6.4 trillion in 2020/2021, and it is targeted to reach LE 7.1 trillion in 2021/2022, after it made LE5.5 trillion in 2019/2020, LE5.2 trillion pounds in 2018/2019, and LE4.3 trillion pounds in 2017/2018.
The report stated that net international reserves reached reassuring levels to cover commodity imports thanks to the improvement in foreign exchange sources, as they recorded US$40.6 billion in June 2021, compared to US$38.2 billion in June 2020, and US$44.5 billion in June 2019.