Egypt’s economy tripled in size over past six years

According to Maait, Egypt attained the highest GDP growth rate of 6.6 percent in 2008, compared to an average of 3.2 percent in emerging markets.

He noted that Egypt achieved an initial surplus, for the fifth consecutive fiscal year, worth EGP 100 billion in FY 2021/2022 (1.3 percent of GDP). In addition, the budget deficit contracted in FY 2021/2022 to reach 6.1 percent of GDP, down from 13 percent in FY 2012/2013.

Egypt’s GDP growth is expected to moderate to 5.5 percent in the current FY 2022/2023 and to five percent in FY 2023/2024 owing to the Russian-Ukrainian conflict.

The rate is expected to jump to seven percent in FY 2025/2026 and FY 2026/2027.

“Egypt is eager to reduce all barriers for the sake of stimulating both local and foreign investments, including the Egyptian-Korean partnership in order to maximise Egypt's export and production capacities and provide more job opportunities,” the minister told Hong.

Maait highlighted the distinguished relations between the two countries, stressing that the ministry is willing to support the Korean companies operating in the Egyptian market to expand their investment activities.

During the meeting, Maait invited the Korean ambassador to attend the meetings of the Finance Day, scheduled for November on the sidelines of COP27 in Sharm El-Sheikh.