Egypt: The government expects economic growth of 5.5% for the 2022/2023 financial year

The most populous country in the Arab world achieved economic growth of 6.2% during the 2021/2022 financial year which ended on June 30.

The Egyptian government expects economic growth of 5.5% in the 2022/2023 financial year (July 1-June 30), Planning and Economic Development Minister Hala Helmy el-Said announced on July 5.

The official also revealed that her country achieved economic growth of 6.2% during the 2021/2022 financial year ended on June 30.

During this past financial year, the budget deficit fell to 6.1% against 6.8% during the previous financial year, while the cost of debt service represented 32.8% of the State Budget. compared to 35.8% during the 2020/2021 financial year

Last June, the World Bank raised its growth forecast for the Egyptian economy in 2022 to 6.1%, from a previous forecast of 5.9% announced in April.

For 2023 and 2024, the multilateral financial institution forecasts Egypt’s real GDP growth rates of 4.8% and 5% respectively.

Last May, Egyptian Prime Minister Mostafa Madbouly announced that the country should reach an agreement with the International Monetary Fund (IMF) “in a few months” on a new multi-billion dollar financing program, intended to immunize the economy against external shocks related to the Russian-Ukrainian conflict.