Egypt's economy is good despite all global challenges

Egypt’s Finance Minister, Mohamed Maait, said the performance of his country’s economy is good despite the difficult global challenges, according to a statement on Tuesday.

During fiscal year (FY) ended 30 June 2022, the Egyptian economy grew by 6.60% and an initial surplus of 1.30% was registered. Meanwhile, the overall budget deficit declined to 6.10% in June 2022, compared to 16.50% in FY13/14.

The minister’s remarks were made during the recently-held Egypt-Singapore Business Forum. With $1 billion worth of investments, Singapore is one of the largest Asian countries investing in Egypt. In 2021, exports from the Arab world’s most populous nation to Singapore increased by 208%.

During his speech, Maait stated that Egypt aims to increase Singapore’s investments across various sustainable development sectors in the country, noting that the business ecosystem in Egypt is attractive to local and foreign investments.

The Finance Minister stressed that the Egyptian economy is diversified, and that the business climate in Egypt is attractive to increase domestic and foreign investments.