ArabFinance: Egypt is expected to be the only country across the Middle East and North Africa (MENA) region that will not have an economic recession during 2020 and 2021, Head of MENA Country Risk at Fitch Solutions Andrine Skjelland told Ahram Online. During the outbreak of COVID-19, Egypt was equipped with high growth buffers. Fitch Solutions’ official expected economic growth in the country to remain positive at 2.6% this year. The Purchasing Managers’ Index of Egypt increased to 44.6 last month, despite the deterioration in business conditions due to the outbreak of COVID-19. In 2019, Fitch Ratings affirmed the long-term foreign currency issuer default rating at 'B+' with a ‘Stable’ Outlook.

Source: The North Africa Journal July 08, 2020 09:33 UTC