Cairo - Mubasher: The Egyptian Prime Minister, Mostafa Madbouly, reviewed a recent report by Fitch Solutions on economic growth rates in the MENA region.
According to the report, Egypt's economy is expected to grow the fastest in the region over the next four years as the country's GDP growth is seen at 5% in fiscal year (FY) 2021/2022 and 5.5% in FY22/23.
Egypt’s economy has been praised by Fitch Solutions for its resilience against the COVID-19 crisis, the Assistant Prime Minister and Acting President of Information and Decision Support Center (IDSC), Osama El-Gohary, said in a statement on Monday.
"Private consumption and fixed investment will be the main driver of growth, while a rebound in goods exports and a gradual recovery in tourism activity means net exports will act as less of a drag on the economy than in FY20/21," the international credit rating agency said.
The country has been one of few economies achieving growth in 2020 despite the repercussions of the COVID-19 pandemic.
