CAIRO – Egypt’s Planning and Economic Development Minister Hala el Said noted that the inflation rate is expected to decrease after implementing the commodities’ price reduction initiative.
During reviewing the implementation of the state’s 2022-23 economic and social development plan before the parliament’s plan and budget committee, she added that the inflation rate had reached about 24.8 percent in 2022-23, noting that unemployment rate reached 7 percent in the fourth quarter of 2022-23 comparing to the third quarter of the same fiscal year.
She added that despite the crises that rocked the whole world in the past few years including the COVID and geopolitical crises, Egypt had ranked among the most attracting destinations for direct foreign investments.
Said noted that the gross domestic product increased from EGP 5.6 trillion in 2018-19 to EGP 10.2 trillion in 2022-23.
She added that the domains that achieved great growth include restaurants and hotels, Suez Canal, communications and information technology and social services.
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