Egypt slashes economic growth targets amid coronavirus

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Egypt reduced its GDP growth target for the current fiscal year 2019-20 to 5.1 percent from 5.6 percent, Planning Minister Hala al-Saeed said on Thursday, amid the coronavirus crisis.

The North African country also is targeting growth of 4.5 percent in FY 2020-21 but it could dip to 3.5 percent if the crisis lasts until mid-year, she added.

Inflation is expected to rise to 9.8 percent if the coronavirus crisis continues until Dec. 2020, the middle of next FY, on the back of high demand on some products like medical supplies and detergents, she said after a cabinet meeting held by video conference.

The cabinet said in separate statement that it approved the draft law of the FY 2020-21 budget with expected deficit of 6.3 percent.

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