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