Egypt’s economy grew by 4.4% year-on-year during the first quarter of FY2022/2023, with GDP growth being achieved despite challenges due to the Russia/Ukraine conflict, the pandemic, and climate change, explained Planning and Economic Development Minister Hala El-Said during a meeting with Prime Minister Mostafa Madbouly.

In a separate meeting with the president, El-Said revealed that the economy is expected to achieve overall growth of 5% by the end of the current fiscal year. The draft budget for this fiscal year had forecast a growth of 5.5%.

Egypt’s 5% forecast is more optimistic than the expectations of some international institutions, reflecting the economy’s “resilience… as a result of the growth and activity generated by public investment,” the minister said.

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The president issued a directive to continue conducting deep studies of the global economic situation and how it reflects on the Egyptian economy and development process.

The International Monetary Fund’s recent expectation for Egypt is 4.4% by the end of the fiscal year, with the World Bank predicting a 4.8% growth. Fitch Solutions upped its forecast for Egypt’s 2022 real GDP growth to 6.62%.