The Minister of Planning and Economic Development, Dr. Hala Al-Saeed, revealed that the Egyptian economy grew at a rate of 3.2% during the last quarter of the fiscal year 2021/2022, which are preliminary indicators, while the growth rate during the last fiscal year was 6.6%, compared to a growth rate of 3.3% during fiscal year 2020/2021.
Minister Al-Saeed attributed the increase in the growth rate during the last fiscal year to the 7.8 percent growth spurt achieved in the first nine months of the year. She indicated that the general reserve in the budget for the current fiscal year is 130 billion pounds to meet any emergency needs, pointing to the launch of the social protection package as of the first of next September.
She pointed out that the International Monetary Fund reduced its forecast for global economic growth in 2022 to 3.2%, or 0.4%, compared to previous estimates in April. She explained that the global inflation rate continues to rise in many countries of the world, and the average global inflation rate is expected to record 8.3% during 2022, to record 6.6% in advanced economies and 9.5% in developing economies, while estimates indicate that inflation will return to pre-Coronavirus levels during 2024.
Source (Al-Arabiya.net Website, Edited)
