Egypt increases the pace of economic development

Egypt increases the pace of economic development

Egypt's Minister of Planning and Economic Development said this week that the economy will grow by 6% in the current fiscal year. At the same time, the problems associated with the pandemic will not hinder development. 

The expected outlook is based on a 9.8% growth spurt achieved in the first quarter of this year. This figure is the highest in the last 20 years. In addition, thanks to this breakthrough, international institutions have raised their forecast for the Egyptian economy. 

The current positive performance is driven by measures to boost trade, policies and efforts made by the government to increase the resilience of the Egyptian economy during the coronavirus period. 

The policy, in line with the National Structural Reform Program, was aimed at reforming the structure of the economy, liberalizing trade, reforming the vocational training system, and developing capital markets. The first stage of reforms was carried out in 2016, and the second started in April 2021 and is currently underway.