Egypt’s real GDP growth to reach 3.5% by end of 2020: Fitch Solutions
10/18/2020 3:21:56 PM

Egypt’s real GDP growth is projected to record 3.5 percent by end of 2020, up from 3.4 percent expected in the September, according to Fitch Solutions, a provider of credit and macro intelligence.

Fitch Solutions, which shared with Ahram Online its recent insights for MENA region economy, projected interest rate in Egypt to stand at 9.75 percent.

Average inflation rate is expected to reach 5.9 percent by the end of 2020, up from the current level of 3.3 percent announced in October, according to Fitch Solutions.

It also projected the US dollar to be traded at EGP 16.25 in the domestic market.

In September, Fitch Solutions projected Egypt’s growth at 3.4 percent during the current fiscal year (FY) 2020/2021 despite vulnerabilities.

It said that weak prospects for tourism, investment, and remittance inflows will continue to dampen Egypt’s growth performance, Fitch added.

Recently, Egypt has witnessed an upgrade in its economic growth forecasts in the international institutions outlook reports, including the International Monetary Fund (IMF) updated outlook report, which projected Egypt’s real GDP to reach 3.5 percent in 2020, making it the only country in MENA to witness a positive growth amid the ongoing COVID-19 crisis.