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Sunday, 22 November 2020

Gov’t revises FY2020/21 GDP forecast upwards to 3.8%

Gov’t GDP forecast revised upwards:The government expects the economy to grow at a 3.5-3.8% clip in the current fiscal year, Deputy Planning Minister Ahmed Kamaly said on the sidelines of an energy conference yesterday. The range is higher than the outlook offered by Finance Minister Mohamed Maait earlier this month, who said that the economy is likely to grow between 2.8% and 3.5% during the year.

This is in line with analyst expectations: Last month the IMF, Fitch, and Deutsche Bank all predicted growth coming in at 3.5% this year, while a recent Reuters poll of economists saw the economy growing at a 3.3% clip (versus 3.1% in a similar survey in July).

Also from Kamaly: Egypt’s external debt — which rose to USD 123.5 bn in 4Q2019-2020 — remains at a “safe level” while the fall in the unemployment rate during the previous quarter serves as a positive economic indicator, he said.

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