Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Public Management

Egypt lost $23.5bln since the pandemic began (Finance department)

Thursday, 29 April 2021 16:10
Egypt lost $23.5bln since the pandemic began (Finance department)

(Ecofin Agency) - Since the Covid pandemic began, the Egyptian economy has lost a total of $23.5 billion. Figures by the International Monetary Fund (IMF) showed that the country’s economic growth dropped from 5.6% in 2019 to 3.6% in 2020.

According to the Egyptian Finance Minister, Mohamed Maait (pictured), the situation is due to a slowdown in key economic sectors including industries and tourism, following the restriction measures employed to control the spread of the virus.

To ease recovery, the State has put in place a financing strategy (about $6.3 billion) to support the various pandemic-affected sectors. This plan also includes the increase in the minimum wage and the implementation of programs in the areas of social protection, health, and food provision.

Despite the economic loss that the country has experienced, international institutions' forecasts for 2021 remain positive. According to the IMF, Egypt is expected to record relatively slow economic growth of 2.5%, before accelerating to 5.7% in 2022. In addition, the recent announcement of the revival of tourism and cultural activities, and flights with neighboring countries suggests a gradual recovery of the economy.

Carine Sossoukpè (intern)

Additional Info

  • communiques: Non
  • couleur: N/A
 
Finance


 
Mining


 
Telecom


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.