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Egypt Expects its Economy To Grow By 5 Percent For The Current Fiscal Year

Giza pyramids in the Arab Republic of Egypt

The Egyptian Ministry of Planning has lowered its forecast for the country's economic growth to about five percent instead of the previous forecast of 5.5 percent by the end of the 2022-2023 fiscal year, which is the third time it has lowered its growth forecast for the current fiscal year.

The ministry said in a statement, Minister of Planning Hala Al-Saeed expected - according to preliminary data - that the Egyptian economy would achieve growth of approximately 5 percent by the end of the current fiscal year 2022-2023.

The ministry had expected the economy to grow by about 5.7 percent before the start of the fiscal year - which began last July - before lowering its forecast to 5.5 percent and then lowering it again to 5 percent.

The reduction in growth expectations comes amid pressures on the global economy as a result of the Russian-Ukrainian war as a result of the large rises in global commodity prices. It also caused turmoil in financial markets, which threatened the country's economic growth and increased pressure on the balance of payments.

It is noteworthy that the International Monetary Fund had lowered its forecasts for the growth of the Egyptian economy during the current fiscal year for the second time in a row, to expect, in its “Global Economic Outlook” report issued last October, that Egypt’s economy would grow by 4.4 percent during the current fiscal year, compared to previous expectations in July. Last year, with a growth rate of 4.8 percent for the year, it had also reduced it from 5 percent last April.

While the World Bank maintained its expectations for the growth of the Egyptian economy during the current fiscal year at 4.8 percent in its latest report, last October, compared to a growth rate of 6.6 percent during the last fiscal year 2021-2022, after reducing it from the 5.5 percent it had expected. last January. 

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