Egypt’s planning minister Hala al-Saeed has predicted the country’s economy saying it would grow by 2.9% or 3% in the financial year to end June before accelerating to 4.2% in 2024/2025. This was highlighted in a statement on Monday from the Ministry.
An economic growth in Egypt according to planning minister Hala al-Saeed would come from investment spending, net exports and imports as well as consumer spending. The minister noted in a statement on Sunday that the economy would grow by 2.9% or 3% in the financial year to end June before accelerating to 4.2% in 2024/2025.
Egypt’s economy is reported to have been dragged down by a lack of foreign currency. However, media sources noted that it has been alleviated by a 24 billion dollars estate deal with the United Arab Emirates in late February as well as the signing of an 8 billion dollars deal with the international monetary fund in early March.
The central bank on May 23, stated that growth had slowed to 2.3% in the fourth quarter of 2023 from 4.2% a year earlier and that indicators suggested growth would remain subdued in January to March 2024.
On April 16th during an IMF talks in Washington, finance minister, Mohamed Maait predicted 2.8% this year and 4.2% in 2024/ 2025.
