Egypt targets GDP growth of 5% in 2024: Madbouly

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Egypt is planning to achieve gross domestic product (GDP) growth of 5% in 2024 and 6% in 2025, Prime Minister Mostafa Madbouly stated in a speech at CI Capital's 7th Annual MENA Investor Conference 2023.

The government is also targeting a primary surplus of 2.1% in fiscal year (FY) 2023/2024, and raising this percentage to 2.5% in the future, Madbouly added.

Moreover, he noted that the state seeks to cut the public debt to around 78% of GDP in FY 2026/2027.

Regarding the Egyptian Exchange (EGX), the Prime Minister said that the government is keen on promoting direct and indirect investment in the local securities market.

The EGX has regained its position as the top stock market in the MENA region for 2022, he remarked.

Furthermore, Madbouly noted that the government, in cooperation with the banking sector, has been able to release goods worth more than $14.5 billion at ports.