Egypt is considered the third best country in terms of growth rates during the last fiscal year despite the Corona pandemic, which affected the global economic slowdown, indicating that the growth rate reached 3.6 percent, and 5.6 percent was targeted.
El-Said added in a statement, Thursday, that the volume of investments that the state has pumped into the telecommunications sector has deepened its weight, with a growth of 3.5 percent.
The average growth rate of the Egyptian economy during the first half of the current fiscal year amounted to about 1.35 percent from July to December last year.
It also anticipated the Egyptian economy to hit a growth rate of 5.8 percent in 2022/2023, which matches the International Monetary Fund (IMF).
Ma’it clarified that this came as a result of the fruitful economic reforms that the government undertook with strong political will, and the support of the Egyptian people.
At the same time, it expected that the Egyptian economy would achieve growth rates of 5.6 percent over the medium term by 2025.
The IMF issued a report on Tuesday on the files related to Egypt's obtaining of an emergency financial assistance of dlrs 2.77 billion to meet the urgent balance of payments needs stemming from the outbreak of the COVID-19 pandemic.
The debt-to-GDP ratio was estimated at 108 percent on June 30, 2017, Maait said.
The growth rate in Egypt is the highest in most emerging countries, which reflects the success of the Egyptian government in dealing with the repercussions of the coronavirus pandemic in a balanced and sound manner.
IMF clarified that this percentage came as the global recovery is now expected to be more gradual and domestic activity is projected to remain weak for longer.
EBRD forecasted in a report Wednesday that Egypt’s growth will rebound to 5.2 percent in 2021.
Egypt’s budget for fiscal year 2020/2021 will be affected by COVID-19 pandemic especially with regard to revenues and growth rates, as well as an increase in the item of expenses.
This came during the minister’s meeting with Minister of International Cooperation Rania Al-Mashat and President of the Islamic Development Bank Bandar Hajjar, via video conference.
During 2021, Egypt would record real gross domestic product (GDP) of 2.8 percent, according to the report.
Meanwhile, Ahmed Kamali, the minister's adviser, said the growth rate was targeted to be 6 percent before the crisis, but now it is expected to drop to 4.2 percent.
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The growth rate slowed down during the third and fourth quarter to 5.2 percent and 4 percent, respectively.
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.
Egypt's high rate of economic growth during the second quarter and first half of the 2019-2020 increased to 5.6 percent compared to the same period in previous years.
The minister made these remarks during a meeting with the leaderships of the ministry to outline the plan for the fiscal year 2020-2021.