Egypt’s economic growth is forecasted to fall to 2% in 2020/21 if the coronavirus crisis continues until December 2020, according to Hala el-Saeed (pictured), the minister of planning.
“There are two scenarios for recovering from the coronavirus crisis, based on containing the pandemic by the end of June 2020 or the end of December 2020. And each of them would affect different sectors to varying degrees,” she said.
For example, the Egyptian authorities are forecasting a 3.5% growth in the next fiscal year, if the coronavirus epidemic ends by the end of the current fiscal year, 30 June 2020.
The Minister also stressed that if the recovery takes place, not all sectors will recover in the same way. Some will recover quickly, while others will need more time to recover.
On the other hand, some sectors have the potential to benefit from the pandemic. These include agriculture, communications, information technology, the pharmaceutical and chemical industry, and construction and building.
According to Hala el-Saeed, Egypt was expected to achieve a growth rate of 5.8% in FY 2019/2020. However, with the slowdown in growth in the third and fourth quarters, growth is now expected to be 4.2%.
André Chadrak
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
• Mercedes Trucks signs agreement with Senegal to build a truck and commercial vehicle assembly plant.• The project will create hundreds of jobs...
• Ghana launches NAIMOS as the central authority to combat illegal mining activities nationwide.• The secretariat’s mandate includes environmental...
• Two major Nigerian universities to host innovative training programs focused on leadership, innovation, and sustainability.• 200 students and teachers...
• India’s NMDC launches a strategic center in Dubai to boost mining acquisitions in Africa.• A three-year copper and cobalt exploration campaign starts in...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...