Egypt reviews international institutions’ positive evaluation of local economy amid COVID-19
31 December 2020
The Ministry of Planning and Economic Development on Thursday issued a report that monitors international institutions' positive evaluation of the performance of the Egyptian economy amid the novel coronavirus (COVID-19) pandemic.Hala El-Said, Minister of Planning and Economic Development, said that international institutions’ reports reflect that the Egyptian economy is on the right path.She pointed to the International Monetary Fund’s (IMF) reports that stressed that repercussions of the pandemic have negatively affected the Egyptian economy and the world economy as a whole, however, the economic reforms adopted by the Egyptian government contained these effects and helped the country continue leadership of growth in the region.The IMF also said that Egypt leads emerging markets in terms of economic growth, and that it is the only country in the Middle East and North Africa (MENA) region to achieve positive growth in 2020. Bloomberg affirmed this achievement by placing Egypt in its list of 10 fastest-growing economies in the world.Regarding the performance of the Egyptian pound, the report pointed out that Fitch ranked the Egyptian pound among the best performing emerging market currencies in 2020.According to the report, the IMF noted that Egypt achieved the largest annual inflation decline in emerging markets in 2020. Moreover, Standard & Poor's indicated that Egypt's credit rating was fixed at "B" with a stable outlook. Moody's also maintained its Egypt's credit rating at “B2” with a stable outlook, with Fitch affirming Egypt's credit rating at B+ with a stable outlook.Fitch affirmed that the structural reforms implemented by the Egyptian government helped achieve suitable business climate and attract foreign direct investment.International reports indicated that the Egyptian state, since the emergence of COVID-19, has taken many decisions that have contributed to preserving employment, production, and construction rates, while putting the health and safety of citizens as top priority.International reports also put Egypt among the 10 most powerful economies in the world in 2020, and that Egypt has the highest expected growth of GDP at 3.8%, which is considered a certificate of confidence in Egypt.