Despite the economic challenges linked to covid-19 and inflation exacerbated by the war in Ukraine, Egypt’s economy continues to show relative stability and to achieve performance. These results are essentially due to the reforms undertaken in the country for several years.
For the first and second quarters of the current fiscal year, Egypt’s economic growth reached a rate of 9% against 1.3% in the same period of the previous fiscal year. The information comes from a press release issued on Tuesday, April 19 by the country’s presidency.
According to the Minister of Planning and Economic Development, Dr. Hala El-Said, this performance of the country’s economy represents the highest growth rate recorded for more than twenty years.
“The Egyptian economy is expected to achieve total growth of around 6% by the end of the year. This exceeds the previous economic forecasts of various international institutions”, specifies, moreover, the information note.
This economic growth is the result of the implementation of the government program “Vision 2030”. In place since 2016, it aims to “ensure consistency between its objectives and those of the United Nations’ sustainable development, and to integrate urgent issues such as climate change, financial inclusion, the demographic question and the shortage of water “.
According to data from the World Bank, after registering a growth of 5.65% in the financial year 2018/2019, the country of the pharaohs saw its performance drop to 3.6% in the financial year 2019/ 2020. For the 2020/2021 fiscal year from July 1, 2020 to June 30, 2021, the country’s growth continued to decline to 3.3% mainly due to covid-19.
It was not until the fourth quarter of the 2020/2021 financial year, i.e. from April to June 2021, that activities began to rebound “pushing growth to 7.7% against a contraction of 1.7 % in the fourth quarter of fiscal year 2019/20”.
The authorities forecast growth in the order of 6% by the end of the year. An estimate higher than the forecasts of several international institutions, according to the press release.