EBRD: Egypt's Economy to Grow By 4.2 Percent in 2021

On Friday, the European Bank for Reconstruction and Development (EBRD) estimated that the Egyptian economy is expected to grow by 4.2 percent in 2021 and 5.2 percent in the calendar year 2022.

In the same context, EBRD revealed that Egypt has been one of few economies in the world able to deliver high growth rates in 2020

"Despite covid-19, Egypt recorded highest growth rates in Arab Region in 2020," EBRD said in a statement.

"On a fiscal year basis, growth is expected to shrink to 2.5 percent 2020-21, before picking up to 4.5 percent in 2021-22," the statement added.

According to the EBRD website, Egypt's economic growth in the first three quarters of the fiscal year 2020-21 (to end June) averaged 1.9 percent, led by worthy improvements in wholesale and retail trade, agriculture, telecommunications, and construction, offset by sluggish manufacturing activity and weak tourism income.

For her part, the President of EBRD Renaud-Basso explained: "The bank’s key objective in Egypt is to contribute to developing the private sector, and renewable energy."