Egypt achieved an economic growth rate of 3.9% during the second quarter (Q2) of the current fiscal year (FY) 2022/2023, compared to a growth rate of 8.3% during the Q2 FY 2021/2022, according to a cabinet statement on March 14th.

According to preliminary data, the country’s gross domestic product (GDP) growth has been estimated at 4.2% during the first half (H1) of the current FY, Planning Minister Hala El-Said revealed.

El-Said also noted that the Egyptian economic growth is expected to hit 4.2% by the end of this FY despite the negative repercussions of the Russian-Ukrainian crisis, which is likely to affect the country’s economic figures during the next FY.

Regarding global economic growth, El-Said pointed out that it is forecast to plunge to 2.9% in 2023, down from 3.4% in 2022 and 6% in 2021.

She also added that the world’s economic growth would bounce to 3.1% in 2024, led by the developing countries' economies.

In December 2022, Minister of Finance Mohamed Maait said that Egyptian government targets recording a GDP growth of 5.5% in FY 2023/2024 despite the unprecedented global economic challenges.

 

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