IMF forecasts Egypt’s economy to record 2.8% growth in FY 2020/21

The International Monetary Fund (IMF) raised its growth forecast for Egypt’s economy to 2.8% in the current fiscal year (FY) 2020/21, despite the coronavirus pandemic. IMF expectations echoed the World Bank’s forecast that Egyptian economy will grow 2.7% in FY 2020/21.

Egyptian economy was heavily effected by the coronavirus pandemic, which took it’s toll on tourism, and worker remittances.

Egypt’s tourism revenues in 2020 slumped 70% year-on-year (y-o-y) to record $4bn due to COVID-19 pandemic, down from $13.03bn in 2019