The Minister of Planning and Economic Development delivers the statement of the draft sustainable development plan for the fiscal year 2022/2023 before the Parliament

 Dr. Hala El-Said, Minister of Planning and Economic Development, reviewed the main features of the sustainable development plan for the upcoming fiscal year 2022/2023, before the House of Representatives.
Dr. Hala El-Said said that the plan has formulated its directions, objectives, and development programs in coordination and cooperation with all ministries, agencies, and relevant authorities, and through dialogue and a participatory approach, which the government is always keen on setting up its various development plans and programs.
 El-Said added that this is based on indicators of the performance of the Egyptian economy during the second half of 2021 and the first quarter of 2022 and visions about the expected repercussions of global crises and current geopolitical events.
El-Said talked about the repercussions of the current crisis on the global economy and its repercussions on the Egyptian economy.

 El-Said pointed out that the crisis has caused a noticeable shortage in the international supply of commodities in international markets in light of the disruption or irregularity of global supply chains, with the consequent unprecedented rises in the prices of crude oil, natural gas, and strategic agricultural commodities.
Moreover, El-Said highlighted that the high prices of base metals that are used in many industries negatively affected the volume of international trade transactions and the rotation of the wheel of industrial production in many countries.
She added that this is in addition to the turmoil that the world is witnessing in the international financial markets in light of the decline in the main indicators of trading and market capital, as well as the downward trend of foreign direct investment flows and their preference for safe havens and internal investment in the state.

El-Said reviewed some quantitative indicators that have been monitored, according to the estimates of international institutions and international credit rating agencies, which predict a decline in the global economic growth rate from 5.9% in 2021 to 4.4% in 2022 and some estimates from 3.2% to 3.6% in 2023.
El-Said also reviewed the forecast that the global inflation rate would rise to 6.2% in 2022 after it was limited to 4.4% in 2021, and only 2.8% in 2020.

Concerning unemployment rates, El-Said pointed out that international organizations estimated that it would be around 6%, before the Russian/Ukrainian crisis, and it is expected that the unemployment rate will rise by at least two percentage points to reach 8% in 2022.

El-Said stressed that the plan was keen to take into account the consequences of global developments, highlighting the importance of the proactive steps taken by the Egyptian government to hedge against the lack of international supplies of basic commodities and to contain social inflation and its repercussions.