Egypt’s economy grows 2% in Q2 of FY20/21: Planning Minister

The Ministry of Planning and Economic Development issued a report on the indicators of the Egyptian economy in the second quarter of the current fiscal year 2020/2021.Dr. Hala El-Said, Minister of Planning and Economic Development, said that the preliminary indicators of the performance of the Egyptian economy during the second quarter and first half of the fiscal year 20/2021, announced by the government, are “good” indicators. "In light of the Covid-19 crisis, which affected all countries of the world, the Egyptian economy was able to achieve a positive growth rate of 2% in the second quarter of the current fiscal year, with the unemployment rate dropping to 7.2%," El-Said said.El-Said explained that this is an indicator that there is a quality in the distribution of investments and in the policies taken, which have led to positive growth rates while providing employment opportunities.El-Said added that most sectors in all countries of the world have been affected by the Covid-19 crisis, noting that there are losses in growth in the global economy, and global trade has decreased by 9%, in addition to the losses in international tourism, which the World Tourism Organization estimated at $ 935 billion, which is what Equal to ten times the losses at the time of the global financial crisis in 2009.El-Said added that despite these global repercussions and the achievement of many countries in the world contracting in light of this crisis, the Egyptian economy was able to achieve positive growth rates.El-Said pointed out that sectors such as health, education, communications, and information technology, agriculture, construction and construction, and the wholesale and retail trade sector have achieved an increase in their rates, noting that even sectors that have achieved a contraction, such as the tourism sector, have begun to recover, as their rates are better than the first quarter of the current fiscal year as a result of rotating the wheel of production and encouraging domestic tourism.Dr. Hala El-Said indicated that the government, in light of the current crisis, was keen to achieve a balance between preserving the health of citizens and turning the wheel of economic activity, which had clear and good repercussions on growth and employment rates.El-Said explained that there is stability in the general level of prices, noting that inflation rates have decreased to 4.9% on an annual basis and that there is a strategic stock of commodities available and a volume of cash reserves covering about 8 months of imports.