Fitch Solutions agency lauded the Egyptian economy’s resilience through the global COVID-19 pandemic, saying it is a sparkling point among the Middle East and North African economies.
Egypt’s economy is among few economies that achieved an annual growth rate in 2020 despite the pandemic that gripped most of world economies, the agency said.
Prime Minister Moustafa Madbouli was posted on its remarks while reviewing a report compiled by acting head of the Information and Decision Support Center Osama el Gohari on expected growth rates in the Middle East and North Africa.
Remittances of Egyptian expatriates, relative control of inflation and adopted monetary policy backed the Egyptian economy through the pandemic, Gohari said.
Fitch expected that Egypt will achieve the highest Gross Domestic Product (GDP) rate among the Middle East and North Africa countries within the coming four years.
It also forecast that Egypt will achieve a 5.5-percent growth rate in 2022/2023 compared to 5% in 2021/2022.
