Fitch Optimistic About Egyptian Economy

Giving More to Your Wealth
01 Sep 2021

Fitch Ratings, one of the leading global rating agencies, has released a positive report about the Egyptian economy. The report was specifically focused on consumer spending, as it is a key driver of economic growth. Fitch found that household consumption remained strong despite the Covid pandemic and limited national vaccination levels. This is in stark contrast to all MENA countries and most countries globally, which were all negatively affected by the pandemic, with Fitch expecting their consumer spending to recover to pre-pandemic levels within 2-3 years.

Fitch have a strong forecast for real household spending, expecting 7.2% growth in 2021. This would mean that total household spending in 2021 would be 15.2% higher than in 2019, before the pandemic. Last quarter, Fitch attributes the resilient consumption trend to easing inflation, high inflows of remittances, and government support policies and measures. As for economic growth, Fitch forecasts GDP growth to be 3% in 2021.

(Source: Fitch Ratings (English), State Information Service (English), Egypt Today (English), National Media Authority, al-Maal, al-Ahram, al-Youm al-Saabe, Akhbar al-Youm, al-Watan, Amwal al-Ghad)

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