Arab Monetary Fund expects Egyptian economy to achieve growth of 5.5% in FY2022/23

Arab Monetary Fund expects Egyptian economy to achieve growth of 5.5% in FY2022/23

The Arab Monetary Fund (AMF) expects the Egyptian economy to achieve a growth of 5.5% in FY2022/23, compared to the 6.2% expected for FY2021/2022.

The fund indicated in its newly issued Arab Economic Outlook 2022 Report that the Egyptian economy achieved a growth of 3.3% during FY2020/21 as a result of the recovery of the tourism sector, the revenues of which grew during the first half (1H) five-fold from the same period of the previous FY to achieve about $5bn.

The report added that the oil balance also achieved a surplus of $2.1bn, in addition to the growth of the non-oil exports sector by about 38%, pointing out that one of the most important factors supporting recovery is the Egyptian government programme to support exporters and the speed and flexibility of the economic policies — whether monetary or financial — that were recently implemented.

Furthermore, it pointed out that the Egyptian government announced its intention to increase the participation of the private sector in the Egyptian economy and to increase the injection of foreign direct investments into the local economy by strengthening the role of the national private sector and supporting and localising national industries to rely on local products.

This is in addition