Thursday, Dec 8, 2022
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Egypt expects economic growth of 5.6% in 2021-2022

Egypt-economic-growth-IFM-image
Egypt’s GDP grew by 3.3% in the last fiscal year

Egypt’s economy is expected to grow by 5.6 percent during the fiscal year of 2021-2022, according to planning minister Hala-al-Saeed. He also added that the country’s gross domestic product (GDP) also grew by 3.3 percent during the last fiscal year.

In the 15th edition of the Arab Economic Outlook report issued by the Arab Monetary Fund, it was mentioned that Egypt’s GDP is expected to grow by 5.4 percent in 2022. The report also added saying that the Covid-19 pandemic did not have a major impact on the country’s economic ability to grow, primarily because of the continuous economic reforms that have enhanced its resilience.

The stimulus packages also helped to boost internal demand and aided the positive numbers that we are seeing currently, unlike a lot of other countries that are dealing with lasting economic impact. Some other factors that aided the economy and GDP growth of Egypt are the return of direct flights, successful vaccination campaigns. These helped the recovery of the tourism sector, thereby providing a much-needed boost to the economy.

Recently, the government also announced the second phase of the structural economic reform program that is going to provide an additional boost to the economy during 2022. The country’s economy is expected to grow 5.4 percent next year, assuming the overall recovery of the global economy, and it will further strengthen the country’s tourism sector and external demands.

In other news, Egypt is expected to finalise a $3 billion loan and a part of it will be used to finance sustainable projects as the country attempts to recover from a drop in tourism due to the Covid-19 pandemic.

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