"Growth in Egypt is expected to have remained positive, but declined from 5.6% in FY2019 to 3.5% in FY2020, and then further to 2.3% in FY2021, before rebounding in FY2022."
COVID-19 is dampening growth, undermining external income sources, disrupting fiscal consolidation, and exacerbating long-standing challenges. Social hardship is aggravated by the ensuing job losses. Maintaining the recently achieved macro-economic gains is crucial for the economy’s resilience against such a severe shock. This multi-faceted health and economic crisis underscore the urgency of advancing the human capital agenda and strengthening social protection, as well as adopting structural reforms to enhance private sector activity and job creation.