Egypt’s economy is expected to grow – according to initial estimates – by 4.2 percent during the first half of FY 2022-2023, said Planning and Economic Development Minister Hala el Said.

Despite the far-reaching impacts of Russia-Ukraine war, the national economy is expected to attain an overall growth of about 4.2 percent by the end of FY 2022-2023, added the minister during a Cabinet meeting held on Tuesday 14/3/2023 under Prime Minister Moustafa Madbouli.

During the meeting, the economic development minister also gave an overview of Egypt’s economic performance indicators during the second quarter of FY 2022-2023.

According to the initial estimates, Egypt’s economy is expected to attain growth during the second quarter of the current fiscal year, said the minister.

The minister, meanwhile, said that several economic sectors saw improvement in growth rates in the second quarter of FY 2022-2023.

She indicated that global trade activity declined during 2022 to 5.4 percent, with expectations that it would reach 2.4 percent during the current year.

The reasons for this slowdown are attributed to the repercussions of the Russian-Ukrainian crisis, but at the same time there are expectations for an increase in global trade activity to 3.4 percent in 2024, according to her.

Source: State Information Service Egypt