Egypt economic growth forecast lowered

A Reuters poll lowered Egypt’s economic forecast to 3.5% in the next fiscal year starting July down from 5.9% while the current year ending in June is expected to end with a growth rate of 3%.

The original estimate for 2019/2020 fiscal year was at 5.8% and in the first half of the year it stood at 5.6%. Before the outbreak of the coronavirus pandemic, Egypt’s economy had been doing well with a generous increase in tourism, remittances from Egyptian diaspora and natural gas discoveries in the Mediterranean.

 The poll was conducted in April 2020 and the estimates were the median from 20 economists polled by Reuters. The lowered estimate reflects forecasted lowered consumption, exports and a decline in investments