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Egypt's economy to grow by 6 pct in FY 2021-2022

Saturday, 03 20 2021, Category: Economy, Country: Egypt
The Egyptian economy is expected to grow by 6 percent in the fiscal year 2021-2022, and the real GDP will grow by 3 percent during the current fiscal year, the Ministry of Planning and Economic Development said on Friday in a statement.

The fiscal year in Egypt starts in July.

Citing a report published by the credit rating agency Fitch, the ministry said "the recovery of tourism in Egypt and revenues of the Suez Canal will lead to an increase in economic growth up to 6 percent in the fiscal year 2021-2022."

The report added that inflation in Egypt has continued to decline, and is expected to reach an average of 5 percent during the current fiscal year.

Fitch's report explained that the financial and economic reforms undertaken by the Egyptian government have boosted Egypt's classification and future prospects.

"Egypt's possession of a large economy enabled the government to maintain stability and resilience during the COVID-19 crisis," it added.

Meanwhile, the ministry's statement stated that the African Development Bank forecasted the Egyptian economy to "grow by 3 percent during 2021."

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