Minister of Planning and Economic Development participates in the activities of the Egypt Economic Summit in its third edition

H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, participated in the activities of the Egypt Economic Summit in its third edition, held under the slogan "Community Development and Investment Opportunities after the Corona crisis", under the auspices of the Egyptian Cabinet.
 This year's conference deals with the topic "Global Inflation and the Role of the Public and Private Sectors in Confronting it".During her speech, Dr. Hala El-Said said that the exceptional circumstances that the world has been going through for two years are continuing; as the world witnesses a worsening crisis of the emerging COVID-19 virus and mutated strains of this virus, which is raising concerns about potential damage and losses to economic activities, labor markets, financial markets, and international supply chains.That crisis cost the global economy about $22 trillion in losses (between 2020-2025, according to International Monetary Fund estimates, with the continued decline in investment indicators and the rise in poverty and unemployment rates to record levels never seen before in the global economy in particular).El-Said emphasized that this crisis is different and its severity and economic and social repercussions exceed all previous crises that the world has witnessed with the affirmation of international institutions (whether the Great Depression of 1929-1932 or the global financial crisis of 2008-2009); as it is the first time that a single crisis has hit both sides of supply and demand.El-Said added that despite the relative recovery of global economic indicators, with an expected global economic growth rate of 5.9% in this year 2021, and expected to reach 4.9% in the next year 2022, the effects of the crisis are continuing, especially with the successive emergence of new variables and their negative repercussions on supply chains. The emergence of these mutations led to a decline in the level of economic activities in these countries, as the rapid spread of the “Delta” and the new “Omicron” mutants led to a high degree of uncertainty about the likely duration of recovery from the pandemic, overcoming its risks, and returning to sustainable growth paths.On the other hand, El-Said added that this relative recovery was accompanied by concerns about the impact of the rapid recovery of demand, which may not be matched by suitable supply rates. Some called it a possible disruption in supply chains or an uneven recovery.
El-Said indicated that oil and energy prices have increased in less than six months at rates ranging from 50% to 80%, and the oil market is one of the most influential variables in price fluctuations in general, due to its direct impact and is one of the main entrances to many industries, sectors and shipping methods, which leads to a higher final price.El-Said explained that when the Covid-19 crisis and the subsequent economic and social crises came, the Egyptian state had already gone a long way in reforms and serious efforts that it started seven years ago intending to achieve comprehensive and sustainable development, through the launch of the "Egypt Vision 2030", in February 2016. The "Egypt Vision 2030" represents the national version of the UN goals to achieve sustainable development, as well as the implementation of the first phase of the national economic and social reform program since November 2016.El-Said stressed that the state was keen during these years to continue the boom achieved in public investments to improve the quality of life of citizens, upgrade the level of services and stimulate comprehensive and sustainable economic growth, as the volume of public investments in the current year 21/2022 reached about 933 billion pounds, with a growth rate of 46% compared to the previous year. (An increase of 535% compared to 14/2015).The cumulative total of public investments during the period 2015/14 - 21/2022 amounted to about EGP 3.6 trillion, and the per capita share of public investments in the current year 21/2022 increased by 44% compared to the previous year.El-Said added that with the emergence of the Covid-19 crisis, Egypt was not isolated from this crisis and its repercussions. The crisis came at a time when the Egyptian economy is witnessing the beginning of a remarkable boom in various indicators in light of the serious reforms undertaken by the Egyptian state in recent years.
These reforms began to bear fruit, with the Egyptian economy achieving an upward growth rate of about 5.6% in the first half of the current year 19/2020; this is the highest growth rate in more than eleven years.