Egyptian Minister of Planning Hala Al-Saeed said that her country expects growth rate to range between six and seven percent in the second quarter of the current fiscal year.
She stressed that the government has been keen to maintain the boom achieved in public investments improve the quality of life, upgrade the level of services, and stimulate comprehensive and sustainable economic growth.
In this regard, the minister noted that the volume of public investments in the current during 2021-2022 amounted to about 933 billion pounds ($59 billion), with a growth rate of 46 percent compared to the previous year, and an increase of 535 percent compared to the 2014-2015.
Saeed was speaking on Tuesday, during the third edition of the Egypt Economic Summit, which is held under the auspices of the Council of Ministers.
She said that the cumulative total of public investments during the period of 2014-2022 amounted to about 3.6 trillion pounds ($230 billion), and the per capita share of public investments this fiscal year increased by 44 percent compared to the previous year, and by 440 percent compared to 2014-2015.
Saeed emphasized the government’s determination to pump huge investments to boost the economy at an accelerated pace, by pushing the wheel of investment, production and employment in all economic sectors, and focusing on developing infrastructure and advancing the human and social development sectors.
Saeed added that despite the relative recovery of global economic indicators with an expected growth rate of 5.9 percent in 2021, the effects of the pandemic are still present, especially with the emergence of new variants and their negative repercussions on the supply chains worldwide.
