The Egyptian government has downgraded its economic growth forecast for the fiscal year (FY) of 2023/2024 by 0.7% to 3.5%, Minister of Planning and Economic Development Hala Elsaid revealed in an interview with CNBC Arabia.

This forecast may increase or decrease a little based on the impact of the Gaza-Israel war, Elsaid noted.

Earlier this year, the minister announced that Egypt is targeting achieving economic growth of around 4.1% to 4.2% this year.


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