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Saturday, 28 March 2020

Egypt’s 2020 GDP growth estimated at 5.8%: UN report

The World Economic Situation and Prospects report also predicts that one in five countries will see per capita incomes stagnate or decline this year

MENA , Friday 17 Jan 2020
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File Photo: An employee counts money at a bank in Cairo September 4, 2014. (Photo: Reuters)
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Egypt is enjoying relatively strong GDP growth, estimated at 5.5 percent for 2019 and projected to be 5.8 percent in 2020, according to the United Nations’ World Economic Situation and Prospects (WESP) report for 2020.

The UN's report said the growth stems from a robust recovery in domestic demand and an easing of balance-of-payments constraints.

"Impacted by prolonged trade disputes, the global economy suffered its lowest growth in a decade, slipping to 2.3 per cent in 2019," it noted.

The report predicts that one in five countries will see per capita incomes stagnate or decline this year.

It estimates global growth of 2.5 percent in 2020 is possible, but a flareup of trade tensions, financial turmoil, or an escalation of geopolitical tensions could derail a recovery.

In a downside scenario, global growth would slow to just 1.8 percent this year, it said. 

The report is produced annually by the UN Department of Economic and Social Affairs (DESA), the UN Conference on Trade and Development (UNCTAD) and the five UN regional commissions.

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