Egypt targets 5.2-5.4% growth in next fiscal year: planning minister

Egypt expects economic growth to rise to 5.2-5.4 per cent in the fiscal year starting in July from an estimated 4.9-5.0 per cent this year, Planning and Economic Development Minister Ahmed Rostom said on Monday.

Rostom made the remarks during a meeting with members of the Coordination of Youth Parties and Politicians.

“We expect Egypt’s economy to close the current fiscal year with growth of 4.9% to 5.0%, rising to 5.2% to 5.4% in the next fiscal year, based on highly accurate statistical forecasting and analytical models,” the ministry quoted Rostom as telling the youth politicians.

He said the government’s economic and social development plan would prioritise investment in health, education, and skills development while supporting domestic manufacturing and reducing reliance on imports.

Rostom said authorities were continuing to coordinate fiscal and monetary policies to curb inflation and shield the economy from external shocks, including supply-chain disruptions and regional tensions.

Egypt has been pursuing structural reforms to expand private-sector participation and strengthen economic resilience after a series of external shocks, including the COVID-19 pandemic and global trade disruptions.

He added that the government was also working to improve the efficiency of public investment by prioritising projects nearing completion and accelerating their entry into operation, while creating additional opportunities for private-sector participation.

Attribution: Amwal Al Ghad English