Cairo – Mubasher: The World Bank expects the Egyptian economy to achieve a growth rate of 6% during fiscal year (FY) 2020/2021, supported by structural reforms, improved business environment, higher consumption, and more investments by the private sector.
Unlike most economies in the region, Egypt does not depend on oil revenues that are now facing geopolitical tensions, which makes the Egyptian economy more stable and able of achieving high growth rates, according to the World Bank Global Outlook report.
The report pointed to increased Egyptian exports, the pound stability against foreign currencies, and the flourishing tourism sector that recorded $12.5 billion in revenues last year.
Moreover, the outlook report noted that inflation in Egypt declined to its lowest level in nine years, which encouraged the central bank to implement easing policies and gradually cut interest rates.
