Egypt’s economy holds to EBRD projections, escaping recession in 2020: GDP growth to reach 2%

Egypt’s economy holds to EBRD projections, escaping recession in 2020: GDP growth to reach 2%

Egypt is the only economy across all regions in which the European Bank for Reconstruction and Development (EBRD) invests that is expected to escape recession in 2020, with projected growth of two percent, driven partly by large public construction projects and a boom in the telecommunications sector, maintaining expectations detailed in a bank report released in May, the EBRD announced Thursday.

The EBRD has revisited its forecasts for emerging economies in the wake of the measures taken to contain the impacts of the coronavirus pandemic, which has lasted for longer than previously anticipated.

The EBRD raised these economies' growth outlook to reach 3.9 percent in 2020, up from 3.5 percent, while the growth projection for 2021 has declined to reach 3.6 percent down from 4.8 percent forecast in