A report reveals that Egypt suffered heavy losses due to the Corona virus

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money and business

A report reveals that Egypt suffered heavy losses due to the Corona virus

Reuters

Dollars

The Pharos Investment Bank report revealed its expectations regarding the flows of a number of foreign currency sources to Egypt, and reduced them by about 12.1 billion dollars, due to the implications of the spread of the Corona virus on the Egyptian economy.

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“Pharos” expected in a recent report that the revenues of these sources, which include tourism, remittances from Egyptians working abroad, and foreign direct investment, as well as indirect, will reach 33.5 billion dollars during the current fiscal year compared to previous expectations at 45.6 billion dollars.

The bank said that tourism revenues are expected to decrease between 6 and 8 billion dollars during the current fiscal year compared to about 12.6 billion dollars that were expected for the year before the occurrence of the Corona crisis.

He attributed the reduction of his expectations of tourism revenues to the global closures imposed by countries to cope with the outbreak of the Corona virus, travel bans and precautionary measures.

Pharos also predicted that remittances from Egyptians working abroad will decrease to between 17 and 18 billion dollars during the current fiscal year compared to 22 billion dollars in previous forecasts, due to the decline in the economies of the Arab Gulf states, the decline in oil prices, the interruption of supply and production chains, and precautionary measures, which include Stop the services sector.

The bank’s forecast included a decline in FDI inflows to $ 4.5 billion during the current fiscal year compared to $ 6.5 billion that was expected before the Corona crisis, due to fears of a global recession, weak global demand and investments, and Egypt’s lack of attractiveness as a long-term investment destination.

Among these expectations is also the decline in foreign direct investment flows to reach $ 3 billion during the year compared to $ 4.5 billion in previous forecasts, due to global money exits in emerging markets, fear of stagnation and high degree of uncertainty, stock market crashes, and high credit risks Sovereign and corporate.

Source: Masrawy





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