Egypt’s growth expected at 3.4% in 2020/21: Fitch Solutions

  • Date: 01-Oct-2020
  • Source: Ahram
  • Sector:Economy
  • Country:Egypt
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Egypt’s growth expected at 3.4% in 2020/21: Fitch Solutions

Egypt's growth is expected at 3.4 percent during the current fiscal year (FY) 2020/2021 despite vulnerabilities, said Fitch Solution, a provider of credit and macro intelligence. 

Fitch made the announcement during a virtual panel on Thursday to release its "Country Deep-Dives, A Closer Look At Growth Prospects In the GCC States and Egypt“ report.

Weak prospects for tourism, investment, and remittance inflows will continue to dampen Egypt's growth performance, Fitch added.

The International Monetary Fund (IMF) loan Egypt received due to the COVID-19 crisis and eurobond issuance are expected to support the country's external position, though risks of renewed volatility persist, the company said.

In May, Egypt received a one-tranche loan worth $2.4 billion from the IMF under the rapid finance instrument to address the repercussions of the