Egypt targets GDP growth rate of 10% in FY2029/30: minister

Egypt’s Planning Minister Hala El-Saeed has said that the government seeks to achieve a gross domestic product (GDP) growth rate of ten percent at the end of the 2029/30 financial year.

To meet this target, the government aims to reach a growth rate of 5.9 percent in the 2018/19 financial year, to gradually increase to eight and then ten percent in the 2029/2030 financial year, El-Saeed said.

The minister made the remarks during a regional population and development conference held in Beirut on Tuesday.

Egypt’s gross domestic product grew to 5.3 percent in the 2017/18 fiscal year, the highest rate in a decade, according to El-Saeed.

This was the latest sign of economic recovery in recent months amid tough reforms the Egyptian government is implementing, including tax hikes and subsidy cuts as part of a $12 billion IMF loan deal aimed at attracting foreign investors.

Egypt’s economy has been hurt by years of turmoil following the 2011 popular uprising that scared away foreign investors and tourists.

Source: Ahram Online

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