Minister of Planning: Global rates refer to constant improvement of Egypt’s economy

The United Nations expects Egypt to achieve economic growth, to be one of the highest in North Africa in 2020: says El SaidEgypt’s Minister of Planning and Economic Development, Dr. Hala El Said, said on Thursday that Egypt's economy is in continuous improvement, according to the testimony of international reports and indicators. El Said added that major international institutions praised the Egyptian economic reform program that started in 2016 and won the confidence of the World Bank, the International Monetary Fund and international rating institutions.El Said indicated in media statements that Egypt achieved an improvement in the Global Competitiveness Report 2019 compared to the 2018 index in 8 main pillars, as well as an improvement in 53 sub-indicators, as well as achieving a good ranking in 7 indicators introduced in the last report on the pillar of institutions.El Said noted that Egypt ranked in 93rd place in the Global Competitiveness Index 2019, and it advanced 4 places in the infrastructure pillar to rank 52, and its ranking advanced 20 places in the institutions pillar to occupy the 82nd position.H.E., Dr. Hala El Said, minister of planning pointed out the World Bank predicted in the Global Economic Prospects report for 2020 that the Egyptian economy will grow to reach 5.8% during the current fiscal year 2020/2019 and to reach nearly 6% in 2020/2021.The report indicated that economic growth in Egypt was driven by increased exports Investment and more facilitation in measures through a more flexible monetary policy, which led to more stability in the exchange rate of the Egyptian pound.The Minister of Planning noted the World Bank's praise of macroeconomic reforms in Egypt, the the flotation of the Egyptian pound, reducing energy subsidies and improving the business climate. El Said explained the United Nations' expectations in highlighted in its report on the world economic 2020 conditions; that Egypt would achieve economic growth to be one of the highest in North Africa, noting the report of the Middle East Association for Solar Energy Industries for 2020 made it clear that Egypt alongside the UAE and Morocco are still The leaders of solar energy production in the region.El Said added that Egypt is ranked second among the most attractive markets for mergers and acquisitions by value in the MENA region during 2019, according to the 2019 Middle East and North Africa Investment Banks review report issued by Refinitiv Corporation