Egypt economy forecast to grow to 5.5% in 2022/23

Egypt's economy, buoyed by a strong revival in tourism, will grow by 5.2% in the fiscal year that ends in June 2022 and by 5.5% in 2022/23 before slowing slightly to grow 5.4% the following year, a Reuters poll showed.

After its tourist industry was devastated by the coronavirus pandemic in 2020, the economy has bounced back from the worst of the slowdown. Gross domestic product growth soared to 9.8% year-on-year in the July-September quarter from 0.7% a year earlier, planning ministry data showed.

The ministry expects growth to reach 5.6% this fiscal year, Planning Minister Hala al-Saeed said in November. Egypt is aiming for 5.7% growth in its 2022/23 fiscal year draft budget, Finance Minister Mohamed Maait said on Jan. 5.