Cairo – Mubasher: Egypt’s economic growth is expected to slow down to 0.5% during 2020 before accelerating to 5.2% in 2021 due to the economic disruption caused by the coronavirus (COVID-19) outbreak, according to the latest forecast by the European Bank for Reconstruction and Development (EBRD).
The most populous Arab nation is forecast to post a GDP growth of 2.5% in fiscal year 2019/2020 and 3% in FY20/21, the latest edition of the EBRD Regional Economic Prospects report showed.
EBRD ascribed its expectations to “the weak outlook in the tourism sector, disruptions in global value chains, weaker demand from trading partners, and the slowdown in foreign direct investment.”
It is noteworthy to mention that Egypt’s COVID-19 cases reached 10,431 after the detection of 338 new cases on Wednesday.
