economy
Maait emphasized the pressing need for the private sector to assume a more prominent role in Egypt's economy, considering that nearly one million young individuals enter the labor market yearly while the government can only create around 100,000 new jobs
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Egypt's annual inflation rate declined to 33.1 percent during the month of March, compared to 36 percent during the month of February, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
The Prime Minister commended major international companies that have established factories of the highest standards within a remarkably short period.
The March PMI survey indicated that recent measures taken to address Egypt's currency crisis, such as raising interest rates and floating the Egyptian pound, provided some relief in terms of price pressures
President El-Sisi pointed out the state's keenness to achieve strong, sustainable, and balanced economic growth, strengthen the role of the private sector, focus on the sectors of agriculture, industry, communications, information technology and tourism, and increase their contributions to the domestic product
In this report, et highlights positive testimonials from partners on Egypt's developmental potentials.
The International Monetary Fund stressed the importance of implementing economic policies and supporting the private sector to be an engine of growth.
The International Monetary Fund (IMF) said that the growth rate of the Egyptian economy reached 3.8 percent during the last fiscal year 2022-2023 and will reach 3 percent during the current fiscal year 2023-2024, expecting the growth of Egypt’s economy to rise to 4.5 percent in the next fiscal year 2024-2025.
The index data attributed this advanced ranking to the fact that Egypt has taken measures to invest in large-scale renewable energy projects, such as encouraging the installation of solar and wind energy.
He added that the government’s aim is to restore confidence in the Egyptian economy by explaining the dimensions of the new economic trajectory of the Egyptian state, which is a catalyst for promising horizons.
The House of Representatives approved, during its general session on Tuesday, three bills allowing the petroleum minister to strike contracts for oil exploration in the Mediterranean Sea, Gulf of Suez and Western Desert.
The European Union is reportedly preparing the $8 billion to relieve pressure on the Egyptian economy as concerns over the impact of the ongoing war on Gaza continue to grow
The report explained that the target unemployment rate for the year of the plan is between 7.3% - 7.6%, while the target is to achieve an inflation rate of 16%.
Egypt enjoys strong relations and a huge portfolio size with the European Investment Bank (EIB), in light of the role played by the Ministry of International Cooperation to develop and strengthen economic relations with multilateral and bilateral development partners and international institutions.
The visit of Turkish President Recep Tayyip Erdogan to Egypt gives a new impetus to enhancing economic cooperation and trade exchange between both countries, especially since they are linked with distinguished historical economic relations.
Swailam told Egypt Today (ET) that in this difficult situation, the company’s goal is to establish a presence to support the Egyptian economy.
The ministers delved into various areas of bilateral cooperation, including information technology, artificial intelligence, agriculture, food, water management, education, culture, and support for small and medium enterprises
The EBRD forecasted Egypt’s GDP to rise by 4.8 percent during FY2023/2024, driven by recent reforms to boost private sector growth and easing of external and fiscal vulnerabilities
From Fitch Solutions’ most optimistic view of Egypt’s growth to the lowered expectations of the IIF, a diverse range of forecasts paints a complex picture of the country’s potential growth in the coming year as the country faces numerous external geopolitical and economic shocks.
