30 Sep 2021
The Egyptian Cabinet is currently reviewing potential medium-term growth scenarios for the Egyptian economy in the coming period. The next phase of the government’s multi-stage economic reform program will focus on the industrial and agricultural sectors, as well as placing a strong emphasis on the ICT sector (information & communications technology). The IT sector alone is expected to grow 16% in FY21/22.
The main goal of the economic reform program is reaching elevated rates of employment through high sustainable and inclusive economic growth. This will be achieved through increasing levels of targeted investment in high value-added sectors. Stimulus packages also play a role in the government’s plan, an example of which was the successful fiscal stimulus program implemented to offset the adverse economic effects of the Covid pandemic.
The medium-term economic growth scenarios are comprised of a base case and an optimistic scenario. In the base case, there is moderate economic growth due to the persistence of the pandemic. In the optimistic scenario, there will be high growth as a result of the success of structural reforms and a speedier recovery from the pandemic’s negative effects. As for goals for the government’s finances, the key focus is on continuously lowering the government debt ratios, including debt-to-GDP.
(Source: Daily News Egypt (English), Egypt Today (English), Egyptian Gazette (English), Mubasher, Amwal al-Ghad, al-Ahram, Akhbar al-Youm, al-Watan, al-Masry al-Youm, Sada el-Balad)