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- In its monthly outlook for the Middle East and North Africa (MENA) region, Fitch, the rating agency maintained that the interest rate through end-2021 for the region will be at 9.2 percent
- The agency estimated this rate keeping its outlook for the US dollar price against the Egyptian pound at 15.7 EGPd
- The report says that the region’s countries’ real GDP is expected to grow by 4.7 percent in 2021.
In its monthly outlook for the Middle East and North Africa (MENA) region, Fitch, the rating agency maintained that the interest rate through end-2021 for the region will be at 9.2 percent. The agency estimated this rate keeping its outlook for the US dollar price against the Egyptian pound at 15.7 EGP.
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The report says that the region’s countries’ real GDP is expected to grow by 4.7 percent in 2021. This follows a reduction by 3.9 percent in 2020. The region’s growth is poised to outpace the Gulf Cooperation Council (3.2 percent), North Africa (3.8 percent), and the broader MENA region (3.1 percent), according to the report.
The report maintains that Israel and Jordan will be the only states in the region whose growth will rise above their pre-COVID 10-year growth trends in 2021. Overall, Levant countries’ real GDP growth is expected to decelerate to 3.9 percent in 2021, according to the report, The report added that these economies will see growth accelerate in 2022. Lebanon, Jordan, West Bank and Gaza and Syria all set to see stronger growth compared to 2021.
Egypt is eyeing a 5.4 percent growth in its real GDP in FY 2021-22. It has experienced a slowdown in FY2020-21 estimated at 2.8 percent. Now there is an incremental recovery from the COVID-19 pandemic and its associated harsh impacts. Egypt has set a range at 7 percent (±2 percent). For containing inflation.
