CNN indicated that the International Monetary Fund raised its forecast for Egypt’s economic growth in the fiscal year 2021/2022 to 5.6%, and said that this is 0.1% higher than the latest estimates of the World Bank, making Egypt the only country in the group. The oil-importing countries achieved positive growth.
The network cited, in a report published on its website in Arabic, the estimates of the International Monetary Fund for the Egyptian government, which during the past year launched huge national projects such as decent living and increasing tourism revenues, which are celebrated worldwide. Activity.
The International Monetary Fund expects the Egyptian economy to grow in the 2022/2021 fiscal year, CNN quoted Dr. Abdel Moneim El-Sayed, an economist and head of the Cairo Center for Economic Research, as saying that an increase in the ratio to 5.6% would mean an increase in the size of the gross domestic product to 7.2 trillion pounds. sterling during the year. This growth comes from an increase in production, whether of goods or services, which had a positive impact on employment and a decrease in unemployment, in addition to its positive impact on prices, inflation and exports.
In an exclusive statement to CNN in Arabic, Al-Sayed attributed the increase in economic growth expectations in Egypt to the Egyptian government’s launch of huge national projects, the most important of which is the “Decent Life” project, which witnessed a wide response from the public. Private sector investment spending means factory and corporate operations are also important. Tourism recorded a revenue growth of $13 billion in 2021, which is more than 3 times from 2020, to return to previous levels, thanks to the organization of international events and celebrations, most notably the celebration of the transfer of the royal mummy, as well as the Museum of Civilization. The Rams Road was opened through the foundations adopted by Egypt in the previous period with the aim of promoting the country as a sacred place and a tourist destination awaiting travel due to the opening of the Grand Egyptian Museum “Tutankhamun” in Cairo. The pyramids area will increase its revenue in 2022.
El-Sayed added that one of the factors that raise the expectations of economic growth in Egypt is the expected improvement in industrial production, after the government established 17 industrial zones, 13 of which were opened in the past few years, noting the importance of industrial production. The complexes are increasing industrial production, hiring more workers, in addition to opening new export markets, which boost Egyptian exports, which reached an all-time high of more than $31 billion last year.
He pointed out that the positive expectations of Egypt’s economic growth will be reflected in the improvement of Egypt’s credit rating during the coming period, the continuous assistance from international institutions, attracting more foreign direct investment, and encouraging sovereign funds. Companies and foreign investors are increasing their investments in Egypt.