The Egyptian economy will fully recover from its present crisis by 2025, according to Prime Minister Mostafa Madbouly, who spoke during a news conference on Wednesday.
The government is planning to reduce inflation to below 10 percent in 2025, Madbouly stated.
The prime minister said the cost of diesel, bread, supplies, liquefied natural gas (LNG) cylinders, and electricity subsidies soared to EGP 342 billion in 2023 from less than EGP 100 billion in 2021.
The cost of borrowing also surged to 25 percent, down from 10 percent before 2022, he added.
Notably, Egypt experienced a surge in headline inflation rates during the first nine months of 2023, reaching its peak in September at 40.3 percent.
However, the inflationary trend began to decelerate in October 2023, with the annual headline inflation rate declining to 36.4 percent in November 2023, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
