File Photo: A worker is seen at the headquarters office of Beltone Financial in Cairo, Egypt, October 26, 2015. (Photo: Reuters)
Beltone Financial, one of the largest investment banks in the Middle East and North Africa, expected that Egypt's economy to achieve a growth rate of up to 6.1% in the next fiscal year 2020/21, compared to 5.6% in the fiscal year 2018/19.
In its annual report about Egypt's economy 2020, the bank said on Sunday that the country's economic growth will continue, driven by the noticeable increase in the revenues of tourism and natural gas.
It noted that underway mega national projects will contribute to sustaining the economic growth in Egypt, as they are expected to give more space to the private sector to absorb new entrants to the labor market each year.
The bank predicted a decline in the current-account deficit to reach USD 7.2 billion of GDP in the current fiscal year.
It forecast that the Egyptian market will see the best performance in terms of profitability of shares denominated in dollars by 15.1 percent, surpassing the Middle East markets and border emerging markets.
As for the interest rates, the bank expected that the Central Bank of Egypt will keep lowering the interest rates in 2020 by 300 basis points, which will positively reflect in the performance of shares at the stock exchange