Egypt's economy to improve with support of global economy recovery, vaccine sustainability

The National Bank of Kuwait (NBK) expected Egypt’s economy to improve further in the coming quarters, in hopes of sustainable progress in the vaccination campaign and a faster recovery in the global economy. 

“Growth is projected to reach around 2.8 percent in FY20/21, and to rebound strongly to about 5 percent over the medium term, benefitting from the authorities’ continued commitment to reforms and renewed IMF support,” NBK foresaw in a report

 However, it noted that the economic outlook remains uncertain, as the ongoing increase in coronavirus cases and the potential spread of the new variants could trigger new lockdown measures, affecting economic growth in both Egypt and globally.