Egypt’s Citizen Budget: Govt. sets ambitious economic goals for FY 24/25

The Egyptian government has outlined key macroeconomic targets for the fiscal year 2024/2025, reflecting its commitment to fostering economic growth and stability, according to Citizen’s Budget report for fiscal year 2024/2025 on Thursday.

The Ministry of Planning, Economic Development and International Cooperation targets a 4.2 per cent economic growth, up from 2.9 per cent last year. The goal is to reach a GDP of 17.1 trillion Egyptian pound (market rate).

For the first time, total investment is projected to surpass the 2 trillion Egyptian pound mark, with the private sector anticipated to contribute 50 per cent of this total, according to the report.

This surge in private sector investment is expected to be driven by significant projects such as Ras El Hekma and the implementation of the state ownership policy the report added.

In line with global sustainability goals, 50 per cent of total public investment is earmarked for green economy projects.

The government has set a deflation target rate of 17.9 per cent. The investment rate is projected to increase to 13 per cent, up from 11.9 per cent in the previous year, while the savings rate is expected to rise to 9.3 per cent.

It also aims to reduce the unemployment rate to seven per cent, down from an estimated 7.2 per cent in the previous year, reflecting its focus on job creation and economic inclusion.

Attribution: Citizen’s Budget FY 2024/2025 report

Subediting: M. S. Salama