- Moody’s credit rating agency has forecast 5.5 percent growth for the Egyptian economy for the current and next fiscal years.
- Sustained investments in infrastructure, a recovery in tourism and strong household spending backed by remittances from abroad will help drive 5.5 percent GDP growth in Egypt.
Moody’s credit rating agency has forecast 5.5 percent growth for the Egyptian economy for the current and next fiscal years. Sustained investments in infrastructure, a recovery in tourism and strong household spending backed by remittances from abroad will help drive 5.5 percent GDP growth in Egypt
It also continued its stable outlook for the Egyptian banking sector at B2.It pointed out that financial inclusion initiatives will boost opportunities for banks. However, Moody’s cautioned that non-performing loans may increase as a result of the pandemic. At the same time, loan growth will make the non-performing loan ratio stabilize at 4 percent. Overall the profitability of the banks, it felt will be supported by loan growth despite higher operating costs and taxes.
