Egyptian Prime Minister Mostafa Madbouly revealed that the Egyptian economy grew by 8.3 percent in the second quarter of the current fiscal year 2021-2022, and by 9 percent in the first half. He explained that "the gross domestic product will exceed 6 percent in the current fiscal year ending on June 30, 2022," noting that "inflation has returned to pre-pandemic levels."
The Egyptian Ministry of Planning had expected the growth rate to reach about 6 percent during the current fiscal year (2021-2022), driven by the 9.8 percent growth spurt achieved during the first quarter of the year. This is the highest growth rate in 20 years, which is confirmed by international institutions that raise their expectations for the Egyptian economy, respectively. The ministry indicated that the measures, policies and efforts taken by the government to enhance the elements of resilience and resilience of the Egyptian economy in the face of the "Corona" crisis were reflected in the positive indicators witnessed by the Egyptian economy.
The World Bank announced that the Egyptian economy has begun to recover from the Corona pandemic, but the negative effects are still continuing all over the world. He expected Egypt to restore pre-pandemic growth rates, the Egyptian economy will achieve a growth rate of 5.5 percent during the current fiscal year, and similarly in the next fiscal year, assuming that the pandemic gradually recedes.
Source (Al-Arabiya.net Website, Edited)
