Egyptian economy may grow 5% in FY 2022/23: El-Said

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Minister of Planning Hala El-Said and Minister of Finance Mohamed Maait demonstrated the primary economic indicators for the first quarter (Q1) of the fiscal year 2022/2023, according to an official statement on November 30th.

El-Said revealed that the Egyptian economy was expected to achieve a growth rate of 5% in FY 2022/2023 despite the impact of the Russian-Ukrainian war.

She noted that the Egyptian economy’s three key macroeconomic goals comprised achieving a balance between growth, inflation, and unemployment.

On November 28th, El-Said announced in an official statement that the Egyptian economy recorded a growth of 4.4% during the first quarter (Q1) of the fiscal year 2022/2023 despite the challenges imposed by three global events; the Covid-19 pandemic, the Russian-Ukrainian crisis, and the undesirable climate changes.