International Monetary Fund (IMF) Executive Director Mahmoud Mohielddin said the growth rates in Egypt were not largely affected by the coronavirus pandemic.
Egypt is one of the few countries which managed to realize growth rates based on economic reforms and achieved positive growth by the end of 2019 amid expectations of realizing growth rates between 2.7 percent and 5 percent.
He made the remarks during a symposium of the Egyptian Junior Business Association on the future of the Egyptian economy after the coronavirus.
He said the Middle East growth rates declined by 5 percent because of the coronavirus pandemic amid expectations that they will reach 1 percent and later exceed 3 percent within two years.
He said there were fears that the growth rates would continue to decline for several reasons, including international debts and climate change.
He added that the future of world economies depends now on vaccination. Experts of the IMF and the World Health Organization underlined that each country should vaccinate about 40 percent of its population by the end of 2021, with the remaining 60 percent to be vaccinated in the coming year.
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