As Egypt works hard to mitigate the impact of the global economic crisis as a result of the Ukrainian war, there are positive indicators of the performance of the Egyptian economy.
The positive growth rate in Egypt continued in the first quarter of the fiscal year 2022/23, recording 4.4 percent.
The government expects a growth rate of between 4.8 percent and 5 percent during the current fiscal year, driven by productive sectors such as tourism, communications, information technology, agriculture, logistics, retail, and Suez Canal activity.
Hala Al-Saeed, Minister of Planning, revealed that the Egyptian tourism sector is witnessing a very strong performance, pointing to the increase in the number of tourists by 55 percent in the first quarter of the current fiscal year compared to last year.
She indicated that the government is striving to maximize the potential of the sector as a major driver of growth, and that the revenues of the Suez Canal have increased by about 30 percent, which indicates its strategic importance.
El-Said stressed the importance of foreign direct investment as a top priority for the government, amid expectations that in 2023 and over the next few years, Egypt will be among the countries that enjoy the strongest investment momentum in the region.
Despite the challenges the world is currently witnessing as a result of the Ukrainian war, which led to deep shocks in food and energy systems and an increase in prices, amid expectations that a third of the world’s countries will enter a state of recession in 2023 with the slowdown of major economies.