Egypt aims to boost economic growth by 3 percent amid global slowdown
(MENAFN) The Ministry of Planning and Economic Development in Egypt announced on Sunday that the country is currently experiencing a growth rate between 2.9 percent and 3 percent this year, with strategic plans in place to further elevate this rate. According to a statement issued by the ministry, Minister Hala Al-Saeed emphasized the ambitious goal of achieving a 4.2 percent growth rate in the coming year, despite the challenges posed by a decelerating global economy.
In her statement, which was shared on Facebook, Minister Al-Saeed highlighted that the targeted growth for the next year is expected to be driven by contributions from various sectors of the national economy. She pointed out the remarkable performance of the communications and information technology sector, which has achieved a 16 percent growth over the past five years. Additionally, the agriculture sector has consistently recorded growth rates exceeding 4 percent. Looking ahead, positive growth is anticipated in the construction, transport, and logistics sectors as well.
Minister Al-Saeed underscored the importance of these sectoral contributions to the overall economic growth, noting that all sectors are poised to play a critical role in driving the national economy forward. The comprehensive approach taken by the ministry aims to harness the potential of each sector to sustain and accelerate Egypt's development momentum amidst global economic uncertainties.
She also stressed that this diversified strategy is essential for navigating the challenges presented by the global economic environment. By leveraging the strengths of its various economic sectors, Egypt aims to not only achieve its growth targets but also to build a more resilient and robust economy capable of withstanding external shocks.
The ministry's statement reflects Egypt's commitment to fostering economic resilience and pursuing sustainable development. As the global economy faces a slowdown, Egypt's proactive measures and strategic planning are crucial to maintaining and enhancing its economic growth trajectory in the coming years.
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