Egyptian Prime Minister Mostafa Madbouly revealed that Egypt has targeted economic growth between 6-7 percent over the next three years.
Madbouly, during announcing the second phase of the economic reform program, affirmed that "the goal is to reduce the overall budget deficit to 5.5 percent by 2023-2024, and target GDP growth of 6.7 percent over 3 years."
He added, "Egypt has already achieved an initial surplus of 2 percent, but it retreated due to the Covid-19 pandemic, and we aspire to return to those levels."
The Egyptian Prime Minister affirmed that "the government will continue to support food supplies for the next three years."
It should be noted that the National Program for Structural Reforms represents the second phase of the 2016 Economic and Social Reform Program, and for the first time the program targets the real sector with fundamental and targeted structural reforms. As these reforms contribute to increasing the resilience of the Egyptian economy, raising its ability to absorb external and internal shocks, and transforming the path of the Egyptian economy into a productive economy with competitive advantages. This supports the economy's ability to achieve balanced and sustainable growth. The main focus of the reform program is to increase the relative weight of the manufacturing industries, agriculture, telecommunications and information technology sectors.
Source (Al-Arabiya.net website, Edited)
