PM: Egypt eyes 5.5% average economic growth over next 3 years

Egypt’s Prime Minister Moustafa Madbouly announced on Tuesday that the government targets an average economic growth rate of at least 5.5 per cent over the next three years. He expressed optimism about surpassing this target during a press conference.

Madbouly emphasised that Egypt has weathered a particularly challenging economic period and is now entering a full recovery phase. The government’s priorities include taming inflation, boosting foreign currency reserves, reducing debt, encouraging private sector investment, and accelerating economic growth.

By the end of the current fiscal year, the prime minister expects Egypt to have fully recovered from the economic crises that impacted the country. Prior to these challenges, Egypt’s economy was thriving, with growth rates approaching 7 per cent. The COVID-19 pandemic and subsequent economic shocks disrupted this trajectory, but the government is determined to restore these pre-crisis levels, he noted.