Egyptian economy set to grow 5.6% in 2022

Egypt’s economy is expected to grow 5.6 percent in fiscal year 2021-2022, Planning Minister Hala Al-Saeed said on Tuesday.

Saeed added that Egypt’s gross domestic product rose 3.3% in the previous fiscal year.

The 15th edition of the Arab Economic Outlook report released by the Arab Monetary Fund in November predicts that Egypt’s GDP will grow by 5.4% in 2022. According to the report, the pandemic has not had much impact on the growth capacity of the Egyptian economy thanks to the continued economic reforms that have strengthened its resilience.

The many stimulus packages adopted to stimulate internal demand have helped to have a positive impact, preventing a total shutdown as in other countries.

The return of direct flights and the extension of vaccination campaigns will help to recover the performance of the tourism sector, according to the report.

The second phase of the structural economic reform program announced by the government will give an additional boost to economic growth rates in 2022. Egypt’s GDP is expected to increase by 5.4% next year assuming the overall recovery of the world economy – which will strengthen tourism activity and external demand.