Corona reduces the targeted growth of the Egyptian GDP to 5.1%

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Egypt has announced a reduction in the targeted growth of GDP in FY 2019-2020 to 5.1 percent due to the Corona virus crisis.

Today, Thursday, Egyptian Minister of Planning Hala Al-Saeed said that Egypt had reduced the targeted growth of GDP in the 2019-2020 fiscal year to 5.1 percent from 5.6 percent due to the crisis.
The minister added, after a video conference of the Council of Ministers, that Egypt also targets 4.5 percent growth in the fiscal year 2020-2021, but it may drop to 3.5 percent if the Corona virus crisis continues until the middle of the fiscal year, according to “Reuters”.

She added that inflation is expected to rise to 9.8 percent if the Corona virus crisis continues until December 2020, which is the middle of the fiscal year, due to the high demand for some products such as medical supplies and disinfectants.

For its part, the Cabinet said, in a separate statement, that it had approved the draft budget law for the fiscal year 2020-2021, with an expected deficit of 6.3 percent.

Earlier today, Thursday, the Egyptian Prime Minister, Mostafa Madbouly, directed the granting of paid leave to employees and workers who move from one governorate to another, to reduce movement and movement.

Madbouly said that the meeting of the government today with video conferencing technology, gives a message that the government begins to implement decisions to reduce gatherings and prevent mixing, especially in light of the availability of the infrastructure for digital transformation.

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