Egypt’s Economic Growth Forecasted at 4.4% for 2024/2025:Planning Minister

Dr. Hala El-Said, Minister of Planning and Economic Development, announced that the International Monetary Fund (IMF) estimates Egypt’s economic growth rate at approximately 4.4% for the fiscal year 2024/2025, surpassing the plan’s estimate of 4.2%. This positions Egypt favorably in terms of global economic growth.

This announcement was made during Dr. El-Said’s participation in the Senate Committee on Financial, Economic Affairs, and Investment’s discussion of the draft law for the economic and social development plan for 2024/2025. The meeting was chaired by Dr. Hani Ser El-Din and attended by Dr. Ahmed Kamali, Deputy Minister of Planning and Economic Development, along with committee members.

Dr. El-Said reviewed global economic indicators, noting the IMF’s projection of an average global growth rate of 3.1% by the end of 2024. This projection is influenced by escalating geopolitical developments, such as the war in Gaza, which have heightened uncertainty in the Middle East, affecting growth indicators. She also highlighted rising inflation rates in some countries, the worsening food security issue, and global unemployment trends.

Regarding international institutions’ estimates for Egypt, Dr. El-Said stated that the IMF projects a 4.4% growth rate for Egypt in 2024/2025, while the World Bank estimates a slightly lower rate of 3.9%. Both figures exceed the plan’s estimate of 4.2%, positioning Egypt prominently on the global economic growth scale.

Discussing Egypt’s economic growth rates from 2021/2022 to 2024/2025, Dr. El-Said noted the target of achieving a growth rate between 4% and 4.2% in 2024/2025. The current year, 2023/2024, is expected to see a growth rate of 2.9%, influenced by geopolitical events.

For the 2024/2025 plan, Dr. El-Said detailed sectoral growth rates at constant prices, noting that all sectors are projected to achieve positive growth rates: the communications sector is expected to grow by 14.6%, the Suez Canal by 9.4%, the tourism sector by 9.3%, social services by 5.7%, and construction by 4.9%.

Dr. El-Said also projected that the gross domestic product (GDP) at current prices is expected to reach EGP 13.9 trillion by the end of this year, increasing to EGP 17.3 trillion by the end of next year. She noted that Egypt’s current population stands at 106 million and is expected to reach 108.3 million next year, with the labor force totaling 32.9 million citizens.