Egypt vs coronavirus: Surviving the economic damage

Egypt vs coronavirus: Surviving the economic damage

The coronavirus pandemic has hard hit economies worldwide, with even the most developed countries witnessing slowing if not negative growth rates, widening deficits, and escalating unemployment levels.

Egypt has been no exception, but the negative impacts of the pandemic have been relatively much less than in other emerging markets. This was because it came against a background of a largely stable macroeconomic environment characterised by relatively high growth rates, improved fiscal accounting, and a comfortable level of foreign reserves, according to the World Bank's World Economic Update (WEU).

The country is one of just three Middle Eastern and Central Asian economies that will escape economic contraction this year, the IMF also said this week in its World Economic Outlook (WEO) report. 

Both international organisations expect a growth rate of