Cairo – Mubasher: The Egyptian minister of planning and economic development Hala El-Saeed expects the country’s economy to recover from the impact of the novel coronavirus (COVID-19) outbreak by the second half of fiscal year 2020/2021.
During the first half of FY19/20, the most populous Arab nation’s real gross domestic product (GDP) growth stood at 5.6%, compared to 5.4% in the year-ago period, El-Saeed added in a press conference on Monday.
The Egyptian government slashed its economic growth target for FY19/20 to 5.1% from 5.6% with the third and fourth quarters slowing down to 5.2% and 4%, respectively. The economic growth target for FY20/21 was reduced to 4.5% from 6% if the crisis ends by the end of FY19/20 and to 3.5% if the crisis persists until mid-FY20/21.
