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FinancialNews
22-04-20
Egyptian economy estimated to grow by 4.4 percent in 2019-2020 fiscal year
(MENAFN) The Egyptian economy will expand by 4.4 percent in the 2019-2020 financial year ending in June, according to Moody's Investors Service predictions.
As said in a statement by Moody's, "the economic reform measures implemented by the Egyptian government have increased the growth rates despite the coronavirus impact".
The statement said that, the improvements adopted since 2016 have caused fewer risks to the nation's economy and its many social classes.
The statement added, those improvements which included devaluation of the local currency, introduction of value-added tax also fuel and energy subsidy cuts, have helped the economy attain an average expansion rate of 5.4 percent during the past two years.
MENAFN2204202000450000ID1100064268
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