Planning and Economic Development Minister Hala el Said stated that according to initial estimates, Egypt’s economy will most likely grow by 4.2% during the first half of FY 2022-2023.
Despite the far-reaching impacts of the Russia-Ukraine war, the national economy is expected to attain an overall growth of about 4.2% by the end of FY 2022-2023, added the minister during a Cabinet meeting held on Tuesday, March 14, under the supervision of Prime Minister Moustafa Madbouli.
During the meeting, the economic development minister also gave an overview of Egypt’s economic performance indicators during the second quarter of FY 2022-2023.
The minister indicated that according to the initial estimates, she expects Egypt’s economy will attain growth during the second quarter of the current fiscal year as well.
She further pointed out that several economic sectors saw improvement in growth rates in the second quarter of FY 2022-2023.
Said affirmed that global trade activity declined to 5.4% in 2022, with expectations that it would reach 2.4% during the current year.
According to her expert opinion, the reasons for this slowdown are attributed to the repercussions of the Russian-Ukrainian crisis, but at the same time, there are expectations for an increase in global trade activity to 3.4% in 2024.
