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Egypt has cut its GDP growth target for the current financial year 2019-20 to 5.1 percent from 5.6 percent due to the coronavirus pandemic, its planning minister said Thursday.
The North African country is also targeting growth of 4.5 percent for the financial year 2020-21 but it could fall to 3.5 percent if the crisis persists until mid-year, Hala al-Saeed added after a cabinet meeting held by video conference.
Inflation is projected to surge to 9.8 percent if the flu-like crisis continues until December 2020, the middle of next financial year due to the high demand on some products such as medical supplies and detergents, al-Saeed said.
