Gov’t targets 4.2% economic growth

In a bid to boost Egypt’s sustainable development and economic growth, the government has rolled out the state’s economic and social development plan for fiscal year 2024/25. The plan targets 4.2 per cent economic growth in fiscal year 2024/25, which will begin on July 1.

Minister of Planning and Economic Development Hala el-Saeed said in a statement obtained by The Egyptian Gazette that the main pillars of the new plan include constitutional entitlements, Egypt’s Vision 2030, the national program for structural reforms, the general state planning law, the national human rights strategy, and the state ownership policy document.

She has made it clear that these principles governing the new plan are compatible with updated Egypt’s Vision 2030, which is aimed at improving the standard of living of all social groups across the country, by providing quality education, training, and refining skills to qualify for future jobs.

The updated Egypt’s Vision 2030 also focuses on scientific research and innovation as well as providing adequate health insurance. Moreover, it is aimed at achieving justice so that all citizens, especially from the most vulnerable groups, can enjoy all political, economic, social, religious and cultural rights.

Citizens have full access to all public services, according to Egypt’s Vision 2030, which also promotes efficient use of resources, sustainable consumption and production patterns.

4 key sectors

Minister el-Saeed has said four sectors, i.e. agriculture, industry, real estate and trade, are expected to contribute about 51 per cent to gross domestic product (GDP).

According to her, the social and economic plan is aimed at scaling up the share of private investments to 50 per cent of total investments, in line with the state ownership policy document as well as the state’s drive to bolster the engagement of the private sector in development efforts.

The minister has said 42.4 per cent of government investments will be directed to human development, while 25.4 per cent of public investments will be injected in drinking water and sanitation projects.

The government will allocate 8.4 per cent of public investments for construction projects, 7.1 per cent for transportation and storage, 3.8 per cent for energy, 3.6 per cent for communications and information technology, and 3.1 per cent for agriculture.

Moreover, a total of 6.1 per cent of public investments will be pumped into other government investments, including the second phase of Decent Life initiative.