Egypt’s Economy on the Rebound: Predictions of 2.9% Growth in Financial Year Ending June”.

Egypt’s Planning Minister, Hala al-Saeed, has predicted that the country’s economy will grow by 2.9% or 3% in the financial year ending in June. This growth is expected to be driven by investment spending, net exports, imports, and consumer spending, according to a ministry statement released on Sunday. Finance Minister Mohamed Maait also predicted growth of 2.8% for the current year and 4.2% in 2024/25 during talks with the International Monetary Fund (IMF) in Washington on April 16. Despite facing challenges such as a chronic lack of foreign currency, recent developments like a $24 billion real estate deal with the United Arab Emirates in late February, a sharp devaluation of the currency, and an $8 billion agreement with the IMF in early March have alleviated these issues. However, the central bank reported on May 23 that growth had slowed to 2.3% in the fourth quarter of 2023 from 4.2% a year earlier. Indicators suggest that growth will remain subdued in January-March 2024. Despite this setback, the outlook for Egypt’s economy in the coming years remains positive, with expectations for growth to pick up in the near future.