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Egypt’s economy expected to achieve 5% growth in FY2022/23

El-Sisi instructed to continue conducting deep studies of the global economic situation and how it reflects on the Egyptian economy and development.
29.11.22 | Source: Ahram Online

The anticipated growth is attributed to the resilience shown by the Egyptian economy, which in turn is due to the expansion in public investments as one of the main drivers of growth, El-Said said in a meeting with President Abdel-Fattah El-Sisi on Monday.


In a separate meeting today with Prime Minister Mostafa Madbouly, El-Said said that the Egyptian economy continued to achieve a 4.4 percent growth during Q1 of the current fiscal year despite challenges posed by the Ukraine crisis, the pandemic, and effects of climate change.


She also shed light on the expected drop in global economic growth, noting that global trade is expected to decline to 2.5 percent in 2023 from 4.3 percent this year.


During the meeting, El-Sisi instructed to continue conducting deep studies of the global economic situation and how it reflects on the Egyptian economy and development process.


The president stressed that these studies should place strong emphasis on global inflation rates and the rise in food and energy prices in the light of both a global shortage and turbulence in international supply chains.


The continuation of such studies aims to sustain the gains made as a result of the economic reforms that have been implemented over the past years, El-Sisi added.

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