2020 Egypt economy contracts 1.1%, but 6.1% recovery projected in 2021
Data comes after a good performance in 2019, when the Egyptian economy grew by 5.9% driven mainly by tourism, gas extractives, wholesale and retail trade, real estate, and construction
Egypt economy is estimated to have contracted by at least 1.1% in 2020 as a result of the novel coronavirus (COVID-19) pandemic. It is, however, projected to recover by 6.1% in 2021.
Under a pessimistic scenario, the country’s economy saw an estimated contraction of 2.1% in 2020, to be followed by 7.5% growth in 2021.
These divs and more were released by the United Nations Economic and Social Commission for Western Asia (ESCWA) in its 2019-2020 annual report, entitled “Survey of Economic and Social Developments in the Arab Region”.