Egypt eyes 5.5% GDP growth in FY 2023/24
Updated 12/25/2022 9:24:00 AM
ArabFinance: The Egyptian government targets recording a gross domestic product (GDP) growth of 5.5% in fiscal year (FY) 2023/2024, despite the unprecedented global economic challenges, Minister of Finance Mohamed Maait stated in a statement on December 24th.
The government plans to achieve a sustainable primary surplus of around 2% on average, and set ratios of deficit and debt at a declining trajectory, Maait noted.
He revealed that the government seeks to cut the budget deficit to 5% in the medium term and the debt-to-GDP ratio to less than 80% by the end of 2027.
Furthermore, the minister stated that the FY 2023/2024 budget focuses on development priorities, expansion of the social protection network, and alleviating impacts of international and local economic challenges.
In November, Minister of Planning and Economic Development Hala El-Said revealed that the Egyptian economy had achieved a growth of 4.4% during Q1 of the fiscal year 2022/2023.
