Egypt has managed to overcome the coronavirus crisis thanks to the economic reforms launched in 2016, Planning and Economic Development Minister Hala El Saeed said.

Facing unprecedented local as well as global uncertainties, the government included upgrading critical healthcare capabilities, expanding social safety net, maintaining fiscal sustainability, and rebuilding foreign exchange reserves among its top spending targets, Saeed added.

The minister was speaking during a high-level webinar on the launch the Economic Committee of Africa’s Young Economists Network (ECA-YEN), which was organized by the United Nations Economic Commission for Africa (UNECA) on December 7 under theme: “Investing in the Future of Africa.”

Highlighting the growing macroeconomic instability worldwide over the past decades due to global crises, the minister described macroeconomic stability as the cornerstone of any efforts leading to private sector development, economic growth, and accelerated progress towards sustainable development goals (SDGs).

She said that Africa’s gross domestic product (GDP) is expected to grow by 3.4 percent in 2021, after receding by 2.1 percent in 2020 affected by the pandemic, which took its toll on the continent’s macroeconomic indicators.

Saeed also emphasized the need for drawing up a set of policies aimed at speeding up a more resilient, inclusive and sustainable recovery in the post-Covid-19 era.

Moreover, the minister welcomed the creation of the network, which seeks to create a peer learning and research platform to empower and engage a new generation of skilled young macroeconomic modelers to champion macroeconomic modelling.

Source: State Information Service Egypt