– Planning Minister Hala al-Saeed forecasts Egypt’s economy to grow by 2.9% to 3% in the current financial year, with a projected acceleration to 4.2% in 2024/25.

– Key drivers of growth include investment spending, net exports, imports, and consumer spending, according to Minister Saeed.

– Finance Minister Mohamed Maait, during IMF talks in Washington, anticipates 2.8% growth for the current year and 4.2% in 2024/25, citing recent economic boosts such as a real estate deal with the UAE and agreements with the IMF.

Planning Minister Hala al-Saeed predicted that Egypt’s economy would grow by 2.9% to 3% in the financial year ending in June, with an acceleration to 4.2% in 2024/25, according to a ministry statement released on Sunday.

Saeed noted that the growth would be driven by investment spending, net exports, imports, and consumer spending.

During International Monetary Fund (IMF) talks in Washington on April 16, Finance Minister Mohamed Maait projected 2.8% growth for this year and 4.2% in 2024/25.

The economy, previously hampered by a chronic shortage of foreign currency, has been bolstered by a $24 billion real estate deal with the United Arab Emirates in late February, a sharp currency devaluation, and an $8 billion agreement with the IMF in early March.

On May 23, the central bank reported that growth had slowed to 2.3% in the fourth quarter of 2023 from 4.2% a year earlier, with indicators suggesting that growth would remain subdued in January-March 2024.