Egypt is expected to achieve economic growth of 5.7% for the financial year 2022-2023, as well as a primary surplus of 1.5% of GDP. This growth will be, according to the projections of the Egyptian Ministry of Finance, at 6% for the financial year 2024/25.
Egypt is also seeking to reduce its overall budget deficit to 6.1% in the next fiscal year, which begins in July.
Despite the impacts of the coronavirus pandemic, Egyptian exports increased by 27% in 2021 and recorded 31 billion Egyptian pounds ($1.9 billion), the country’s largest export volume in its economic history. according to a presidential statement issued earlier this month.
According to the Executive Director of the International Monetary Fund, Mahmoud Mohieldin, Egypt has achieved growth rates that exceed many Arab oil producers. However, future consecutive increases in dollar interest rates from 1.75 to 2% will have global effects on the flows of trillions of dollars to many countries in the region.
The Egyptian economy grew at a faster than expected pace during the 2020-2021 financial year which ended in June 2021, despite the Covid-19 pandemic, due to strong consumer demand, the growth in remittances and relatively contained inflation, according to the World Bank’s Global Economic Outlook this month.
