Egypt's urban inflation rate to remain in "single digits" during 2020/2021

CAIRO – 10 March 2021:Egypt’s urban inflation rate is expected to remain in single digits within range between 4.8 percent and 6.6 percent during the current fiscal year 2020-2021, according to Minister of Planning Hala El-Said.

El-Said added in a statement, Wednesday, that PMI for Egypt rose by about 20 points from its lowest level in April during the peak of coronavirus pandemic

She explained that HSBC issued the Business Explorer in Egypt 2020 report, which is based on the results of a survey conducted on 209 companies in Egypt during the months of September and October 2020, and that most of these companies are optimistic about a near improvement in the business climate after a difficult year of adapting to pandemic impacts.

The Minister attributed the continuity of growth and the achievement of successes to enhancing innovation and relying on three main engines of growth, which are: increasing production by technology, developing products and services, and the ability to attract investment and financing, noting that 86 percent of companies are optimistic about their position in international trade in the coming years. .

"83 percent of companies expect to return to profit levels that were before the spread of the coronavirus or to higher levels by the end of 2022, and 89 percent of companies expected growth in their revenues in 2021,” she added.