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Egypt forecasts 5.5 percent growth in current fiscal year

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Egypt forecasts 5.5 percent growth in current fiscal year

Cairo, Sept 23 (Prensa Latina) Egypt's GDP will grow 5.5 percent in the current fiscal year, and the unemployment rate will stabilize at around 7.2 percent, the Ministry of Planning and Economic Development reported on Friday.
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A statement from the Ministry said that the data was released by the head of the sector, Hala Al-Saeed, during a business forum held in New York City.

The official said that the government is seeking foreign direct investment (FDI) in several fields, including energy and transportation.

The focus in the coming period will be to direct investments to sectors such as renewable energy, construction of desalination plants, health, information and communication technologies, and agricultural industries, she said.

Al Saeed stressed that after the Covid-19 pandemic, Egypt started receiving increasing funding from abroad.

In this regard, she revealed that in the recently concluded fiscal year 2021-2022, the country attracted five and a half billion dollars in FDI, although the figure is expected to double in the current period.

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