Media Watch | Egypt's economy accelerates recovery
Release time:
2020-11-04 00:00
Media Watch | Egypt's economy accelerates recovery
Source: People's Daily, People's Daily
According to the recent economic outlook report released by the International Monetary Fund, Egypt is expected to become the only country in the Middle East to achieve positive economic growth this year, with a growth rate of 3.5 per cent. Egypt's "Pyramid Economic Weekly" recently wrote an article that Egypt's economic growth rate is expected to reach 4% in 2021 and 4.6 in 2022, with promising prospects.
As a result of the epidemic, Egypt's tourism, manufacturing, wholesale and retail, remittances, and oil and gas revenues have all been hit to varying degrees this year. In order to ease the economic pressure, the Egyptian government has introduced a series of measures, such as investing 100 billion Egyptian pounds (1 U.S. dollar is about 15.7 Egyptian pounds) for a comprehensive epidemic prevention and control plan, investing 50 billion Egyptian pounds to provide funds for real estate development, and investing 20 billion Egyptian pounds to fund the Egyptian Stock Exchange.
While increasing capital investment, the government has also introduced corresponding policies to promote economic recovery in various industries. In order to promote the recovery of tourism, Egypt resumed international flight operations on the premise of ensuring prevention and control measures on July 1, and reopened tourist venues including famous scenic spots such as the Pyramids of Giza and the Sphinx. As a large agricultural country, Egypt is actively expanding its agricultural export market. During the prevention and control of the epidemic, Egypt exported agricultural products to more than 10 countries, including Indonesia, New Zealand and Mauritius, while maintaining its original export market. Atal, director of Egypt's Central Plant Quarantine Bureau, said that Egypt's exports of garlic, grapes, oranges, strawberries and beans have bucked the trend this year, with a year-on-year increase of 20% to 30%.
Egyptian Finance Minister Mait believes that the rapid recovery of the Egyptian economy is closely related to the series of reforms carried out by the government in recent years in the financial, tax and other fields, which have enhanced the Egyptian economy's ability to withstand the impact of the epidemic. In September this year, in response to the economic fluctuations that may be caused by the recurrence of the epidemic, the Egyptian Ministry of Finance issued new tariff amendments aimed at encouraging the development of the country's manufacturing industry, attracting investment, increasing employment and strengthening production capacity.
Many international institutions are generally optimistic about Egypt's economic growth prospects. J.P. Morgan recently stated that Egypt is "the only country in the Middle East to successfully complete the annual credit rating review cycle". Fitch also maintained Egypt's default rating for long-term foreign currency issuers at "B" and considered the Egyptian economy to have a "stable outlook".
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