Kuwaiti bank believes COVID-19 impacts on Egypt economy faded away

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The National Bank of Kuwait (NBK) has stated that the Egyptian economy’s performance promises encouraging future prospects, and that the worst repercussions of the novel coronavirus (COVID-19) pandemic have ended.

In a report, the bank said that despite the pandemic, preliminary figures revealed that Egypt’s real GDP grew by 3.6% in fiscal year (FY) 2019/20, compared to 5.6% in FY 2018/19.

He added that the closures applied to contain the outbreak led to a decline of 1.7% in the second quarter (Q2) of 2020, compared to 5% in Q1 of 2020. Egypt also saw an increase in its unemployment rate, to 9.6% in Q2 of 2020, compared to 7.7% in Q1.

NBK confirmed that the country’s main economic indicators are still showing a gradual recovery, which confirms that the worst economic repercussions of the pandemic may have ended.

Read More: https://dailynewsegypt.com/2020/11/29/kuwaiti-bank-believes-covid-19-impacts-on-egypt-economy-faded-away/

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