Saeed reviews sustainable development plan for next FY 2022/2023

CAIRO- Egyptian Minister of Planning and Economic Development Dr Hala el-Saeed on Monday reviewed the sustainable development plan for the next Fiscal Year 2022/2023 in a session before the House of Representatives.

Saeed said all goals and development programmes of the plan were laid down in coordination and co-operation with all ministries and bodies concerned.

The plan was devised through the adoption of a partnership dialogue in which the government is always keen on outlining plans and development programmes.

That depends on Egyptian economy performance indexes during the second half of 2021 and the first quarter of 2022, in addition to visions on expected reflections of global crises and current geopolitical incidents, according to her.

The minister tackled repercussions of the current crisis for the global economy and the Egyptian economy, saying the crisis caused a sharp shortage of goods in international markets in view of supply chain disruptions globally.

She said the measure led to unprecedented price hikes of crude oil, natural gas, strategic agricultural goods and main minerals, which, she added took its toll on the volume of international transactions and industrial production in several countries.

According to recent estimates, global economic growth is projected to decline from an estimated 5.9 per cent in 2021 to 4.4 per cent in 2022, Saeed said.

Beyond 2023, global growth is forecast to decline to about 3.6 per cent and then to 3.2 per cent over the medium term, she noted.

Global inflation rate is expected to increase to 6.2 per cent in 2022, the minister added.

Speaking about unemployment rates, Saeed said unemployment is expected to up to at least 8 per cent in 2022 following the Russian-Ukrainian crisis.

Saeed said the plan takes into account global developments and updates, highlighting the importance of proactive steps and measures taken by the Egyptian government to hedge against the shortage of basic goods worldwide and to contain social repercussions of inflation by having different supply sources and signing various contracts with trade partners and allocating necessary financing to support the most vulnerable segments in the society.