Egyptian Prime Minister Mostafa Madbouli on Tuesday reviewed a report by the Cabinet’s Information and Decision Support Centre(IDSC) about growth forecasts for the Middle East and North Africa (MENA) region as stated by Fitch Solutions.
Acting head of the IDSC Osama el Gohary said the credit rating agency underscored positive performance of the consumer sector in Egypt. It was a strong performance at the regional and international levels during and after the coronavirus pandemic, Fitch had said, noting that this was a rare case.
The IDSC report touched upon Fitch’s assessment of consumer spending for families during 2021, which increased by 15 per cent during the pandemic compared with 2019. Fitch expected that to further rise by 21 per cent during 2022 compared with 2019, the IDSC noted.
Fitch attributed the strong performance of the consumer sector in Egypt to government support for segments harmed by the pandemic, remittances of expats and relative control of inflation and expansionary monetary policies.
