Investments is the main driver of growth, especially in middle-income countries.
This statement by Minister of Planning and Economic Development Hala el-Saeed came during a cabinet meeting on Wednesday under the chairmanship of Prime Minister Moustafa Madbouli.
The minister reviewed the indicators of the Egyptian economy for the coming period and referred to the medium-term economic growth plan, which includes inclusive and sustainable economic growth and achieving high levels of employment.
The plan also entails boosting the economy with fresh investments, in addition to targeting promising sectors with high added value through the structural reform programme, the minister said.
Investment is the main driver of growth, especially in middle-income countries, the minister added.
The government has offered a number of stimulus packages, estimated at LE100 billion, to confront the coronavirus pandemic and its repercussions on health and economy, she said.
This, in turn, has contributed, along with other presidential initiatives and initiatives by the Central Bank of Egypt (CBE) to raise growth rates by about 0.3 percentage points in fiscal year (FY) 2019-2020, and 0.6 percentage points in FY 2020-2021, she added.
El-Saeed said agriculture, transport, trade and communications and information technology sectors are among the least volatile sectors.
Information technology comes at the forefront with anticipated growth rate of more than 16 per cent in FY 2021-2022, el-Saeed said.
El-Saeed said her ministry is drawing up sustainable development plans to achieve consistency between the implementation of the strategic vision of the state and development plans in various areas.
The government is working hard to promote economic growth through effective planning and governance of public investment.
The ministry adopts the “inclusive growth” approach, which creates suitable jobs and provides wider opportunities for citizens to enjoy the outcomes of economic growth, el-Saeed said.
