(Photo courtesy of Ministry of Planning )
President Abdel Fattah Al-Sisi is set to present the “Sustainable Development Strategy Egyptvision 2030” during the March Economic Development Conference.
According to the report, issued by the Ministry of Planning, the goal is for the Egyptian economy to be among the largest 30 economies worldwide and to be among top 30 most competitive countries.
The targeted ratio between the public debt and the gross domestic product (GDP) is around 50%, the 2030 strategy highlighted. The ratio set for the budget deficit and GDP will not exceed 5%, the report added.
Inflation should range between 3% and 5%, the report noted while the average economic growth expected is 7%.
During the fourth quarter (Q4) of 2014, unemployment stabilised at 12.9%, compared to 13.3% during Q2 2014. Expectation for unemployment levels by 2030 is for it to be less than 5%.
On the levels of competitiveness, the report stated that the country will be aiming to increase the contributions of the service sector to the GDP to 70%. The contribution of exports to the growth level is also said to grow to 25%.
Egypt landed in the 119th position out of 144 countries in the Global competitiveness report. This was the fifth consecutive deterioration for the country in the World Economic Forum’s yearly report, with the country coming in 118th position out of 148 countries last year.
The country also aims to be among the top 30 countries with happiest populations. Egypt currently ranks 130 out of 165 counties in the Global Happiness Index.
