Forbes Africa magazine confirmed that the Egyptian economy is experiencing accelerated growth, with GDP expected to grow by 4.7% for the period 2025-2026, exceeding the IMF's forecast of 4.1%.
The magazine, which covers economic developments around the world, said in a report today that this growth is due to bold economic reforms that are attracting investment in key industrial and infrastructure sectors.
The report considered that historic projects and international partnerships position Egypt as a central player in Africa's development, with a population of 115 million, 60% of whom are under the age of 30. It noted that Egypt benefits from its skilled workforce, its prime location, and its resources, while aiming for a 15% increase in foreign direct investment for 2024-2025.
According to the report, the country's Vision 2030 is driving stronger-than-expected growth, enhancing expansion this year and beyond, strategic investments and reforms, mega infrastructure projects, and sustainability are shaping Egypt into a global hub for trade and innovation.
According to the report, every policy measure and reform is linked to Vision 2030, pointing to a coherent approach to spending and government support to attract investment.
Forbes Africa noted in its report that the construction sector, which is growing at an annual rate of 7.4%, is pivotal to Egypt's transformation. Vision 2030 has spurred numerous ambitious projects, including the New Alamein City, a high-speed train project, vital seaport infrastructure, the New Administrative Capital, which houses several government ministries, and the iconic Cairo Tower, which stands nearly 400 meters tall.
"Egypt has the sixth-largest oil reserves in Africa and is already self-sufficient in traditional power generation, while boasting a world-class oil refining infrastructure that processes 38 million tons annually," Forbes Africa said.
It added that Egypt is set to expand its renewable capacity to 45,000 megawatts from projects under construction in upcoming years. The country is prioritizing wind, solar, and green hydrogen, aiming for 42% of its power from renewables by 2030.
It pointed out that "The Egyptian industrial fabric is undergoing major expansion, targeting to triple exports over the next five years. Industries such as textiles, chemicals, machinery, and food products are conquering markets across Europe, Africa, and the MENA region."
"In 2024, Egypt attracted 15.7 million tourists, breaking its own record for the second consecutive year. The coral-garnished Red Sea, Sharm El Sheikh, Sahl Hasheesh, and Hurghada are becoming global hotspots where splendid coastal resorts blend top-class leisure, entertainment and retail," Forbes Africa concluded.
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