Economic reforms helped Egypt’s to confront COVID-19 shock: World Bank

Economic reforms helped Egypt’s to confront COVID-19 shock: World Bank

CAIRO – 10 November 2020: The fiscal, monetary and energy sector reforms implemented in recent years, along with the emergency measures undertaken by authorities in response to the COVID-19 crisis are so far helping Egypt weather the shock, the World Bank stated Tuesday on a report.

 

The report added that average real growth has remained positive during FY2019/20 and foreign reserves continue to be rather ample. “Nevertheless, the COVID-19 pandemic has inevitably caused job and income losses, posing additional strains on Egyptian households' livelihoods, and is thus exacerbating the long-standing challenge of job-creation in Egypt, notably in the formal private sector.”

 

Regarding jobs and economic transformation, the report revealed that the economic transformation process has been slow-moving in Egypt, with employment