The cabinet’s media center publishes a report, which includes infographics highlighting the success of the Egyptian economy in changing the vision of international institutions with a performance that exceeded expectations after seven years of reforms, Invest-Gate reports.
The report monitors the discrepancy in the International Monetary Fund (IMF)’s vision for the performance of the Egyptian economy since 2013/2014 compared to 2021/2022, where IMF expects economic growth to rebound during 2021/2022 to reach 5.2%, contrary to expectations in 2014, as IMF expected that the economic growth rate would be slow to 2.2%.
Moreover, the cabinet’s report indicates that the IMF has praised the proactive policies taken by the Egyptian government, which formed a protective shield for the Egyptian economy against the burdens of the Corona crisis.
The report goes to the World Bank (WB), explaining that the WB expects the growth rate of the Egyptian economy to recover to 5% in 2021/2022, outpacing the global average growth of 4.3%, compared to its expectations in 2013/2014 that indicated that economic growth would slow to reach to 2.4%.
As for The Economist, the cabinet report points out that it expects the Egyptian economy to grow strongly during the fiscal year 2021/2022. Besides, it remarks that the Egyptian economy is characterized by diversification, with the return of recovery to the various main sectors.
Speaking of Fitch, the agency expects the Egyptian economy to grow by 5% in 2021/2022 and affirms that Egypt is one of the few countries in the world that has witnessed positive economic growth throughout the Corona crisis, cabinet’s report reveals.
Moreover, Fitch expects the housing sector in Egypt to continue to receive support through government policies that aim at providing social housing, in contrast to its vision in 2014, when it announced that the housing sector in Egypt would continue to stagnate.
Additionally, the cabinet’s report elaborates that the Standard & Poor’s Agency has announced in 2021 that it would maintain Egypt’s credit rating at a level B with a stable outlook for the Egyptian economy, compared to CCC + in 2013.
The cabinet’s report adds that Moody’s agency has affirmed Egypt’s credit rating at B2 with a stable outlook, reflecting the resilience of the Egyptian economy in facing the challenges caused by the Corona pandemic, compared to the agency’s affirmation of Egypt’s credit rating in 2013 at Caa1 with a negative outlook.
Regarding Oxford Business Group, it states that the Egyptian economy was among the fastest-growing economies in Africa and the Middle East during 2020. It also expects Egypt’s economic growth to reach 2.8% during 2021 despite the effects of the Coronavirus on growth rates, cabinet’s report discloses.
In a parallel context, the cabinet’s report indicates that BNP Paribas has expected Egypt’s GDP to record 5.3% in 2021/2022, compared to 2.9% in 2013/2014. Meanwhile, the report highlights that the European Bank for Reconstruction and Development has expected that Egypt would top the growth rates among the member states in the Middle East in 2022, at a rate of 5.2%.
In addition to the above, the cabinet’s report deals with the international media’s view of the performance of the Egyptian economy. In this regard, the report mentions that Bloomberg declared in 2020 that the Egyptian economy is the fastest growing in the Middle East, adding that Bloomberg considered the Egyptian pound one of the world’s best-performing currencies in 2019.
Additionally, the report addresses what Al-Monitor mentioned in 2021 that the Egyptian economy is a model for economic reform for many Middle Eastern economies. While, American ENR magazine sees that Egypt is going through a major architectural and construction boom, on top of which is the New Administrative Capital, cabinet’s report adds.
Furthermore, Reuters reported that the electricity deficit has turned into a surplus thanks to the construction of giant Siemens plants, and the Benban complex represents a leap for renewable energy in Egypt. While CNN announces that Egypt is among the top 21 safest tourist destinations to travel to in 2021, cabinet’s report remarks.
In a related context, the report refers to what Business Insider indicated in 2019 that Egypt is among the 20 countries that will lead the global economy in the next five years. Moreover, the report states that Forbes has reported that the Egyptian economy will become one of the top ten global economies within the next ten years.