Egypt’s Economy Grows 6.6 % in 21/22

Egypt’s Economy Grows 6.6 % in 21/22

Egypt's economy grew 6.6 percent during the fiscal year 2021/2022, compared to a growth rate of 3.3 percent in the previous year, announced the Minister of Planning Hala al-Said.

During a cabinet meeting in New Alamein City, Said reviewed indicators of the national economy's performance during the last fiscal year.

She pointed out that after an initial recovery in the indicators of the global economy during 2021, the risks associated with international political and economic developments began to reflect negatively on growth indicators during Q2 of 2022.

The minister added that the International Monetary Fund (IMF) reduced its estimates for the growth of the global economy from 3.6 percent to 3.2 percent, 0.4 percent compared to previous forecasts of April.

She also pointed out that the global inflation rate continues to rise in many countries amid record rises in food and energy prices.

The average global inflation rate is expected to record 8.3 percent during 2022, and estimates indicate that inflation will return to pre-coronavirus pandemic levels in 2024, said the minister.

However, Said explained that this is if crises causing high inflation, such as the escalation of the Russian-Ukrainian crisis and its negative repercussions on supply chains, energy prices, and food commodities, do not worsen.

Egyptian