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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)

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