The Minister of Finance added that the ratio of public debt is expected to decline to 86.2% of GDP in June 2020, compared to 90.4% of GDP in June 2019, 108% of GDP in June 2017 and 95.1% in June 2014.
The minister said internal trade is one of the biggest sectors in Egypt that provides many jobs but it still suffers from an inadequate infrastructure.
The returns of agricultural products exports increased by 20 percent in 2019 compared to 2009, and vegetable exports increased by 40 percent during this period.
Global governments have been taking unprecedented measures to contain the coronavirus outbreak which is threatening to spark a worldwide economic contraction.
"Such a measure would likely drag the country and its financial sector into chaos."
Investment spending contributed by 40 percent to the GDP growth, adding that net change in exports represents 30 percent of GDP and 20 percent came from consumer expenditures.
Mai’t added in a press conference that Egypt achieved a primary surplus of LE 30 billion (0.5 percent) during the first half of 2019/2020.
The class of 2019/2020 will be its first as it accepts students who had math as concentration in high school.
The World Bank issued on Tuesday a report titled “The Egyptian Economy Observatory” in a press conference in Cairo.
The GDP is expected to hit LE 6 trillion ($358 billion) in the FY2019-2020, achieving a 5.6 percent growth driven mainly by five industries.
The draft budget demonstrates that the state expenditure will be LE1.424 trillion recording an increase of 10.6 percent compared to the current fiscal year.
The World Bank expected Egypt to achieve a growth rate of 5.5 percent during 2019, marking the second highest growth rate in the ME and N. Africa region behind Djibouti.
CAPMAS issued its annual edition of "Egypt in Figures" that contains the most important demographic, social and economic data.
The growth rate reached 14.1 percent in 2017/2018, against 12.5 percent in 2016/2017, Talaat said.
That is a step forward to reach 100 million tourists by 2020.
Egypt embarked on a bold economic reform program that included the introduction of taxes and cutting energy subsidies to trim the budget deficit.
The European Parliament on Wednesday approved an accord with Japan that has been dubbed the world's biggest trade deal.
The agency said Egypt has already implemented significant fiscal reforms in recent years.
The minister added that Egypt targets a growth rate of 5.8 percent during the current fiscal year 2018/2019.
Climate change is already hurting the global economy and will cost the US hundreds of billions of dollars annually.