23 Mar 2022

The Egyptian Cabinet announced after its meeting that the government has lowered its GDP growth target for FY22/23 to 5.5%, down from 5.7%. This is mainly due to the Russia-Ukraine conflict’s negative effects on the economy. The target for investment growth in FY22/23 has also been reduced slightly to 15.2%, down from 16.2%, with public investments expected to represent 78% of total investments that fiscal year.

It is worthy to note that Egypt achieved an impressive GDP growth rate of 3.3% in FY20/21, a period during which the Covid pandemic was wreaking havoc on all world economies. As for the current FY21/22, the government forecasts a GDP growth rate of 6.5%.

(Source: Reuters (English), al-Ahram (English), Egypt Today (English), Arab News (English), Amwal al-Ghad, al-Sharq Business, al-Arabiya, Investing.com)