Min.: Egypt Considers Post-Coronavirus Economic Recovery Scenarios

Planning Minister Hala El Saeid said on Monday Egypt is considering scenarios for economic recovery after the end of the coronavirus crisis.

Addressing a press conference, Saeid noted that the crisis is expected to end in June with a possibility of 20%, while a second scenario expects that the crisis would end in September with a possibility of 50%.

"A third scenario sees that the crisis would end in next December," Saied pointed out, expecting that the second half of the next fiscal year, beginning from January 2021, would witness a boom in economic growth.

[caption id="attachment_121180" align="aligncenter" width="1024"] Part of The Press Conference[/caption]

"Globalization will wane and countries will tend towards self-reliance and reduce imports," the minister said, anticipating that China would lead the global economic growth rate.

"Countries will pay attention to public investment rather than entering into regional blocs to boost their economies," she mentioned, pointing to Egypt's competitive advantage in the agricultural sector.

Meanwhile, Ahmed Kamali, the minister's adviser, said the growth rate in Egypt was targeted to be 6% before the crisis, but now it is expected to 4.2%.

In the case of the first scenario, the anticipated growth rate will be 3.3% for the first half of the fiscal year, he added.