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Finance Min.: Egypt Ranks Among Fastest Growing Countries in MENA

Fri 17 Mar 2023 | 07:28 PM
Egypt's Finance Minister Mohamed Maait
Egypt's Finance Minister Mohamed Maait
Ahmed Moamar

Mohamed Maait, Minister of Finance, said that Egypt is one of the fastest growing countries in the Middle East and North Africa, with a rate of 4.8% of GDP over the medium term over the past five years.

The minister affirmed that this rate was reflected in the strong growth dynamics that gave Egypt's economy high resilience in facing the pandemic of Corona, and the war in Europe.

He stressed the importance of restoring confidence at the level of the global economy for the necessary flows to finance development to return, especially at the level of developing countries. The minister pointed out that such flows enable the world economy to deal with the repercussions of the economic slowdown; as a result of fluctuations in global financial markets in the wake of successive crises and current challenges.

He explained that increasing the volume of financial flows can only be achieved by restoring investors' confidence in the global economic system, and in emerging markets as well, which must adopt proactive policies capable of containing the changing global economic fluctuations.