Cairo – Mubasher: Confidence in the Egyptian economy is increasing thanks to its resilience in the face of local and international challenges, especially in the face of the coronavirus (COVID-19) crisis, the Minister of Finance, Mohamed Maait, said in a statement on Wednesday.
The International Monetary Fund (IMF) has raised its projections for the country’s gross domestic product (GDP) growth to 3.5% in fiscal year 2019/2020 in its October 2020 World Economic Outlook from a previous forecast of 2% in its May report.
Egypt has been the sole country to achieve economic growth among other emerging and developing economies forecast to contract by of 3.3%, he noted.
In addition, economies of the Middle East and Central Asian countries are projected to shrank by 4.1%, emerging and developing Europe by 4.6%, South America by 8.1%, and African countries by 3%.
