At the beginning of 2019, it was expected that 2020 was going to be the year for economic stability in Egypt, However, the whole world suddenly faced a global pandemic which messed with all forecasts and led to a global crisis that was described as the worst health and economic crisis the world went through in 90 years.
According to multiple references, Egypt’s economic growth was 3.3% on F20/21, however, it spiked up to 5.4% on F21/22. Also, the GDP is expected to have a surplus, and so does the budget revenues with an expected rebound of 16.4% (1.1 Trillion EGP, 1.3 Trillion EGP respectively).
The fascinating part is not about the numbers, it’s about how the government managed to work on expanding tax base, activating electronic payments, and expanding modern methods of risk management. A lot of emphasis was also heavily put on pushing social protection efforts and improving the citizens’ standard of living especially after the lock-down layoffs and budget cuts leading to labor reductions.
On the other hand, in the second quarter of F20/21 the unemployment percentage declined to 7.2%with gradual resumption of economic activities and the continuation of working on projects of all industries except tourism.