The Egyptian economy recorded a growth of 9% in the first half of the financial year 2021/22, after achievements of 9.8% and 8.3% respectively in the first and second quarters of the period under review. Announcement made by Prime Minister Mostafa Madbouly who was facing the press on Wednesday February 16 in Cairo.
At this level, the Egyptian authorities expect economic growth of 6% in the calendar year 2022, which is one of the highest growth rates in the world. In addition, the leading economy in the North Africa region forecasts growth of 5.7% of its GDP for the 2022-2023 financial year, and a primary surplus of 1.5% of GDP. Before a 6% increase for the 2024/25 financial year, according to forecasts by the Ministry of Finance.
“These figures show the extent of the recovery of the economy and the trajectory of the growth process”, comments Mostafa Madbouly.
Egyptian economic growth is expected to reach 5.5% in 2022, according to the latest updates from the World Bank, which is less optimistic than the government. For its part, Fitch Solutions has revised its forecast upwards to 5.3% for the 2021-2022 financial year, against 5% previously.