Planning Minister Hala el-Saeed said Egypt’s economic growth rate expected to record 5 per cent in 2022-2023 fiscal year despite the current negative impact of the Russian-Ukrainian crisis.
She made the remarks on Wednesday during a cabinet meeting under Prime Minister Moustafa Madbouli.
She reviewed the most important initial indexes of the first quarter of the current fiscal year, noting that the Suez Canal witnessed an unprecedented growth rates due to the marketing policies adopted by the Suez Canal Authority.
She added that the unemployment rate inched up to 7.4 per cent in the first quarter of current fiscal year against 7.2 per cent in the same quarter last year.
She noted that the economic policies focus on realising a balance between economic growth, inflation, and unemployment.
She expounded the impact of the Russian-Ukrainian crisis on the Egyptian economy, referring to the instability of international supply chains which led to rising prices.
