CAIRO – Egypt’s Minister of Planning and Economic Development Hala Elsaid said that the annual economic growth rate throughout fiscal year 2022-2023 recorded nearly 3.8 percent, despite the persistent global challenges as well as economic and geopolitical changes, including the rise in global inflation rate and the Russian-Ukrainian crisis.
The minister added that a target has been set to increase the annual economic growth rate to 4.2 percent in FY 2023-2024, despite the considerable challenges.
Elsaid was briefing a Cabinet meeting held Thursday, under Prime Minister Moustafa Madbouli, on key local and global economic indicators.
The global economic growth rate has been limping along since 2021 when it recorded 6%, declining to 3.5 in the following year 2022, the minister said.
The global economic growth rate is forecast to record 3% in 2023 and 2.9% in 2024, Elsaid added.
She attributed the slow global economic growth to the repercussions of the Russian-Ukrainian on the global supply chains and the industrial production growth rate, combined with the worsening external debt crisis of the emerging markets and developing countries.
The GDP of FY 2022-2023 recorded EGP 10.2 trillion, while the target was aimed to reach EGP 9.2 trillion, the minister said.
She highlighted a set of domestic economic activities that have achieved remarkable growth rates in FY 2022-2023, including hospitality industry, the Suez Canal, the information and communication technology sector, social services like health and education, alongside the agricultural sector.