Egyptian economy hits 4.2% growth rate

The Egyptian economy grew by 4.2%, while unemployment rate was down to 12.8% in the fiscal year that ended in June, Planning Minister Ashraf el Arabi said during a Kuwait visit.

Egypt has a long-term plan to make its economy one of the 30 largest in the world by 2030, Arabi said on the sidelines of a meeting with Director General of the Arab Planning Institute Bader Malallah.

Egypt targets to reach pre-2011 growth rates, which stood at 8%, to improve the standard of living of its citizens, he said.