“The Egyptian economy is still maintaining stable growth rates of 5.6 percent during the second quarter and first half (H1) of this fiscal year, despite the continued slowdown in global growth,” Minister of Planning and Economic Development Hala el-Saeed said Wednesday.
Saeed added in a statement that Egypt’s high rate of economic growth during the second quarter and first half of the fiscal year 2019-2020 increased to 5.6 percent compared to the same period in previous years.
The minister clarified that this growth was driven by the growth of the sectors of oil refining, telecommunications, construction and building, with the continued growth of the tourism sector.
Minister of Finance Mohamed Ma’it said earlier that Egypt targets a growth rate of 6.4 percent during the fiscal year 2020/2021.
Saeed indicated that the International Monetary Fund (IMF) reduced its forecasts for the global growth rate for 2020 for the third time from 3.6 percent in April 2019 to 3.3 percent in January 2020. “Moreover, a number of organizations expect a decrease in the global growth rate by 0.3 percent this year due to the spread Corona Virus”, she noted.