The Egyptian economy recorded 9% growth in the first half (1H) of fiscal year (FY) 2021/22, Prime Minister Mostafa Madbouly announced on Wednesday.
He pointed out that Egypt achieved a growth rate of 9.8% in the first quarter (1Q) of the current fiscal year, and then 8.3% in 2Q.
This came during a press conference held in the Egyptian Cabinet’s new headquarters in the New Administrative Capital.
Furthermore, Madbouly revealed that the expected economic growth for the current year is 6%, which is one of the highest growth rates around the world.
The World Bank forecasted in a January report that Egypt’s growth is expected to rebound to 5.5% in FY 2021/22 — which ends in June 2022 — supported by external demand from major trading partners, expanding the information and communications technology and gas extractives sectors and a gradual improvement in tourism.
The Egyptian PM indicated that these figures show the extent of the economy’s recovery and the path of the growth process.
