Egypt targets economic growth of 4.2% in FY2024/25: Elsaid

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Egypt is targeting achieving an economic growth of 4.2% in the coming fiscal year (FY) of 2024/2025, up from targeted growth of 3% in the current FY, Minister of Planning and Economic Development Hala Elsaid told in Asharq Business.

The minister expects the communications and tourism sectors to grow by 16% and 45%, respectively, over the coming FY.

Moreover, she noted that the government targets a total investment of EGP 2 trillion under the 2024/2025 plan, focusing on the sectors of healthcare and education as a top priority.

These investments will be also directed toward promoting the role of the private sector, Elsaid added.

In December 2023, Elsaid unveiled that the government had downgraded its economic growth forecast for FY of 2023/2024 to 3.5%.

It is worth noting that the International Monetary Fund (IMF) had lowered its forecast for Egypt’s real gross domestic product (GDP) for the current fiscal year to 3%, while the World Bank Group had trimmed its projection for the country’s GDP growth to 3.5%.