Egypt's GDP to Hit EGP 7.1 Trillion in 2021/22

The Egyptian Cabinet's Information and Decision Support Center (IDSC) published on Sunday a new infographic that includes monitoring the economic growth prospects of Egypt over the next three years; as the expectations of economic recovery and stability are strongly present on the domestic and international arenas; according to the latest Economist report in April.

The report monitored Egypt's economic prospect following the pandemic's outbreak and its negative repercussions on the domestic and global economy. It assumed that Egypt will witness a gradual improvement in economic performance during the first half of the fiscal year 2021/22, with more growth in the second half, due to the containment of the pandemic.

The Egyptian economy achieved several successes during the first phase of the economic reform program, according to the report, which contributed to increasing the gross domestic product (GDP), reduce the budget deficit and the state's debt.

The new structural reforms package, which will take place during the next 3 years with in the second phase of the reform program, will be directed towards strengthening spending on development projects, including Mega ones, aimed at improving the citizens' standard of living and upgrading services, along with continuing to support the economic sectors and groups most affected by the pandemic, without putting any financial burdens on its citizens.

The government expects the size of Egypt's GDP in 2021/22 to reach EGP 7.1 trillion, compared to EGP 6.4 trillion in 2020/21, with a growth rate of 5.4%, compared to about 2.8% in 2020/21.

Egypt's budget deficit is also expected to record 6.7% in 2021/22, compared to 7.7% in 2020/21, and 7.9% in 2019/20.