Egypt’s economy on track to hit 4% growth in FY24/25, says planning minister

Egypt’s economic growth is set to accelerate, with the country’s GDP expected to reach 4 per cent during the 2024/2025 fiscal year, according to Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation.

Speaking at a meeting with the National Press Authority on Monday, Minister Al-Mashat revealed that Egypt’s economy grew by 3.5 per cent in the first quarter of the current fiscal year, up from 2.7 per cent in the same period last year.

The minister attributed the positive growth to ongoing efforts in macroeconomic stability and structural reforms, highlighting the importance of aligning planning, economic development, and international cooperation to drive sustainable growth. She stressed the government’s focus on transforming national strategies into tangible development projects that will have a lasting impact on various sectors.

This optimistic growth forecast comes amid the government’s commitment to a series of reform measures aimed at fostering long-term economic stability. Al-Mashat’s remarks were made during a meeting with Engineer Abdel-Sadek El-Shourbagy, Chairman of the National Press Authority, and other senior media figures.

Attribution: Amwal Al Ghad English