CAIRO – 29 June 2021: The European Bank for Reconstruction and Development (EBRD) expected the Egyptian economy to grow by 4.2 percent in 2021, and 5.2 percent in 2022. EBRD stated in a report that Egypt is one of the few countries that announced recording economic growth during 2020. It expected that the telecommunications sector will continue to grow, and that the decrease in unemployment rates will contribute to supporting the movement of consumption and private investment. It foresaw that foreign direct investment flows will recover, while the risks include slow vaccination operations, weak expectations for the tourism sector, and slowing momentum in major investment projects. For the Southern and Eastern Mediterranean, the European Bank for Reconstruction and Development has raised its forecast for economic growth to 3.5 percent in 2021.

Source: Egypt Today June 29, 2021 14:11 UTC