Hala al-Saeed, Egypt’s Planning Minister, is forecasting that the country’s economy will experience growth of 2.9% or 3% in the financial year ending in June and then accelerate to 4.2% in the following year, according to a statement released by her ministry. This growth is expected to come from multiple sources including investment spending, net exports and imports, and consumer spending.
During talks with the International Monetary Fund (IMF) in Washington on April 16th, Finance Minister Mohamed Maait also predicted growth of 2.8% this year and 4.2% in the coming year. The Egyptian economy had previously been hindered by a shortage of foreign currency but recent developments such as a $24 billion real estate deal with the United Arab Emirates and agreements with the IMF have helped alleviate these issues.
However, despite these positive developments, indicators suggest that growth will remain subdued in the first quarter of 2024 due to factors such as low inflation rates and declining oil prices. Despite this, there is optimism for stronger growth in the coming years thanks to new agreements and investments that are being put into place.
