17 February 2020 05:50 PM

UN: Egypt enjoying strong growth, estimated at 5.5 % for 2019

Friday، 17 January 2020 - 02:04 PM

Egypt is enjoying relatively strong growth, estimated at 5.5 per cent for 2019 and projected at 5.8 per cent in 2020, owing to a robust recovery of domestic demand and easing balance-of-payments constraints, according to the UN World Economic Situation and Prospects (WESP) 2020.

Impacted by prolonged trade disputes, the global economy suffered its lowest growth in a decade, slipping to 2.3 per cent in 2019.

The report predicted that one in five countries will see per capita incomes stagnate or decline this year.

The report stated that growth of 2.5 per cent in 2020 is possible, but a flare-up of trade tensions, financial turmoil, or an escalation of geopolitical tensions could derail a recovery.

In a downside scenario, global growth would slow to just 1.8 per cent this year, it said.


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