FY 2022/2023 Sustainable Development Plan aims achieve huge investment boom: Planning Minister

Dr. Hala El-Said, Minister of Planning and Economic Development, stated that it was expected that the year 21/2022 would achieve a growth of 6.4% after the gradual recovery from the pandemic, especially since the first half of the year recorded a high growth rate in the range of 9%.
This came during a review of the main features of the sustainable development plan for the upcoming fiscal year 2022/2023, before the House of Representatives.
El-Said added that the negative effects of the Russian/Ukrainian crisis-affected sectoral growth expectations and investment flows, which led to a revision of the target growth rate and a reduction to 6%, with a decrease to some degree in 2023/22 to 5.7% in light of the current international events, before resuming its upward trend to record 6.2% and 6.5% in the two years following 2022/2023. 


El-Said explained that these rates are high compared to the rate achieved in 20/2021 of 3.3%, and compared to many other countries whose growth rates currently range between 3% and 4%.

El-Said indicated that it is estimated that the gross domestic product in the year of the plan will reach about EGP 9.26 trillion at current prices, with a growth rate of 16.3% over the output of the previous year, which amounted to about EGP 7.96 trillion.
 The GDP at constant prices is estimated at EGP 8.4 trillion in the year of the 22/2023 plan.


El-Said added that the plan for the year 22/2023 aims to create a big investment boom compared to previous years, explaining that for the second year in a row, the estimated investments exceed EGP one trillion, to record about EGP 1.45 trillion, compared to expected investments for the year 21/2022 amounting to EGP 1.24 trillion, with a growth rate of nearly 17 %.
El-Said added that it is targeted to allocate about EGP 1.1 trillion as public investments, representing 76% of the total investments, compared to EGP 350 billion in private investments, at 24%.
Within the framework of public investments, El-Said explained that the government apparatus is entrusted with investments amounting to EGP 376.4 billion, compared to EGP 410.9 billion for public economic bodies, at a rate of 27%, in addition to the investments in the public business sector companies estimated at EGP 75.7 billion.El-Said stressed that this investment boom is based on national projects that are intended to be established and expanded through the investments of public economic bodies. El-Said added that at the level of sectoral balance for public investments, the plan took into account the achievement of a balanced structure, by directing about 35.6% of public investments to the commodity sectors, and about 31.8% of public investments to sectors concerned with productive services, compared to 32.6% for social activities such as education, health, youth services, sports, and others.