CAIRO - 26 September 2023: Over the past years, the Egyptian Ministry of Planning and Economic Development has aimed to achieve comprehensive economic development.
et highlights in this story the positive figures achieved by the government as it fulfills the economic development plan and empower national economy.
The success achieved came through implementing the priority structural reforms program in the Egyptian economy, which represents the second phase of the National Economic and Social Reform Program, aiming to transform the course of the Egyptian economy to become a productive economy.
Positive numbers despite global challenges
During the past nine years, the total investments exceeded one trillion pounds, reaching about 1.65 trillion pounds in the plan for the fiscal year 2023/2024, despite the difficulties that Egypt faced as a result of global circumstances.
Despite the global situation, the economic and social development plan for the fiscal year 23/2024 estimated economic growth at about 4.1 percent in the year 23/2024, compared to an expected growth rate of 4.2 percent in the year 22/2023.
These estimates are similar to the estimates of all international institutions, and that this rate is higher than the expected growth rates in most countries, and higher than the general average achieved at the level of the global economy in 2022 and 2023, which are 3.4 percent and 2.8 percent, respectively.
Empowering private sector
During the past years, the state has paid great attention to the private sector, and is adopting ambitious targets for private investments that reach about 600 billion pounds in the plan for the fiscal year 2023/2024, at a rate of approximately 36 percent of the total targeted investments, compared to an expected percentage in 2023/22 of the range of 31 percent.
The actual rate is 29 percent in 2021/21.
As for fixed public investments, they are estimated at about 1,050 billion pounds, or 64 percent of the total investments. About 587 billion pounds pertains to the government apparatus (56 percent), 384 billion pounds to economic bodies (37 percent), and 79 billion pounds to public companies, or 7 percent.
Stabilizing efforts
Since assuming power until now, President Abdel Fattah al- Sisi has sought to stabilize the foundations of the state, rebuild its national institutions, and bring about a major development renaissance by launching the Sustainable Development Strategy Egypt 2030.
The strategy is divided into 12 main axes that include: education, innovation, knowledge, scientific research, social justice, transparency, efficiency of government institutions, economic development, Urbanism, energy, culture, environment, domestic policy, national security, foreign policy and health.
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