The Cabinet media center said despite piling pressures on international economy and expected recession in growth rate, the Egyptian state adopted multilateral approaches in parallel to deal with these pressures and maintain stability of the economic situation.

This came in a report – issued by the center – that included infographics highlighting expectations of the International Monetary Fund (IMF) that the Egyptian economy would continue to achieve high growth rates and improve indices in the coming years.

The report attributed this to the launch of plans aiming at securing hard currency, encouraging and supporting local industry, and promoting the private sector’s engagement in comprehensive development.

The report said the IMF expected Egypt to achieve one of the highest international growth rates in 2022 at 6.6 percent.

The Egyptian growth rate is expected to exceed the global average growth to record 4.4 percent in the fiscal year 2022-2023, compared to 2.7 percent for the global average in 2023.

Source: State Information Service Egypt