CAIRO: Egyptian Finance Minister Mohamed Maait said the country was reaching positive growth rates, calling it a great achievement in light of the global conditions brought on by the coronavirus pandemic.
Maait said the estimated rate of economic growth in the fiscal year 2021-2022 would reach between 2.8 and 4 percent.
He said the percentage varied according to how each person perceived it sectorally, and that industries such as tourism and aviation were significantly affected by the spread of the disease.
“We have a priority to make room for the private sector’s participation in development projects,” the minister added.
He explained that there would be strengthened cooperation with the Transport Ministry in implementing its projects in partnership with the private sector.
Egypt had been hoping for growth between 6 and 6.5 percent before the coronavirus crisis broke out.
The country topped the emerging market economies in containing the rate of inflation during the current year, according to data from the Egyptian cabinet, despite the global repercussions of the health emergency.
The International Monetary Fund (IMF) said that Egypt achieved the largest annual decline in the inflation rate in emerging markets in 2020, compared to 2019, with a decline of 8.2 percentage points.
Among the effects of the economic reform plan were inflation rates falling to 5.7 percent during 2019-2020, compared to 13.9 percent in 2018-2019.
Unemployment indicators also reflected the economy’s development.
Recent data from the Egyptian Central Agency for Public Mobilization and Statistics showed the unemployment rate declining to 7.3 percent in the third quarter of this year, compared to 7.8 percent a year ago.
Egypt’s monetary reserves rose to $39.22 billion by the end of last October, according to the country’s central bank.
The IMF said the performance of the Egyptian economy exceeded expectations.
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