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Mahmoud Mohieldin: The Egyptian economy will achieve the highest growth rates in the region next year

Dr. Mahmoud Mohieldin, Executive Director of the International Monetary Fund, delivered a special speech at the Third Forum of Strategies for Transformation towards a Green Economy.


He pointed out that the number of people infected with the Corona virus reached 175 million people around the world, but some major countries, led by the United States of America, began to flatten the curves of infection, which bodes well for the future, but the pandemic has caused 100 million people around the world to fall into extreme poverty and 260 1 million malnourished 250 million people lost their jobs.


Dr. Mahmoud Mohieldin said that the financing gap to achieve the sustainable development goals amounted to 4.2 trillion US dollars as a result of what was caused by the Corona pandemic.


He explained that the rates related to the expected growth for this year will be better than last year, as global growth is expected by about 6% after losses of 3.5%, while trade will recover, and developed countries will achieve significant growth, but the lower-income countries will not reach the required levels.


Mahmoud Mohieldin indicated that the Middle East and North Africa region will achieve half of the global growth rates, explaining that Egypt is among the few countries that have achieved positive growth rates during the pandemic, indicating that it is expected to achieve 2.5% growth during the fiscal year that ends on June 30, 2021. While 5.7% is expected over the next year, according to International Monetary Fund estimates, thus the Egyptian economy will be one of the highest growth rates in the Middle East.


Mohieldin stressed that recovery efforts require advancing investments in the green economy, sustainability, digitization and governance in partnership with the private sector and localization of development, and that the state and supervisory authorities should set unified standards for measuring and evaluating these efforts.


He reviewed the criteria for sustainable growth, the criteria for governance, and the dimensions of sustainability. Mohieldin stressed the need for global and regional cooperation to coordinate various efforts between achieving sustainable development goals, corporate goals for environment, sustainability and governance, as well as goals to reduce carbon emissions, in order to achieve an effective response to the crisis and sustainable recovery.