Operating Environment Overview – Egyptian Banking Institutions (Jun 2022)

The economic recovery in Egypt is underway, but the outlook remains clouded by uncertainty related to the COVID-19 pandemic. Despite the challenges posed by the COVID-19 pandemic, Egypt was one of the few emerging market countries that experienced a positive growth rate in 2020, recording real GDP growth of 3.6% (2019: 5.6%)1 according to the International Monetary Fund (“IMF”). The growth was a result of the government’s swift and prudent policy response (including a comprehensive fiscal stimulus package, proactive monetary policy response, and various supportive financial sector initiatives), coupled with IMF support. The economy is estimated to have grown by 3.3% in 2021, despite the disruptions from the pandemic, reflecting the relative resilience and diversification of the economy.

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