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