IDSC Launches Research Project on Most Important Strategic Directions of Egyptian Economy

The Information and Decision Support Center (IDSC) of the Egyptian Cabinet has launched a research project entitled “The Document on the Most Important Strategic Directions of the Egyptian Economy for the New Presidential Period (2024-2030)”.

This crucial document outlines and determines the priorities for action at the policy level for the Egyptian economy until 2030. The project considers macroeconomic trends, as well as trends at the level of the economic and social sectors that support the renaissance of the Egyptian state.

The project aims to implement electrical interconnection projects between Egypt, Saudi Arabia, and Jordan by 2024-2030. This will help Egypt become an active player in establishing a joint Arab market for electricity. It also includes electrical interconnection projects with Sudan, Italy, and Greece.

In the tourism sector, the project aims to increase tourism revenue growth rates by no less than 20 percent annually. The goal is to achieve a targeted revenue of $45 billion by 2030.

The project also includes measures to enhance the flexibility of the Egyptian economy in the face of shocks. This includes continuing to adopt a flexible exchange rate policy and improving foreign exchange earnings. The project aims to cover the gap between the official and unofficial exchange rates within a specific period of time.

According to International Monetary Fund (IMF) estimates, the exchange rate of the Egyptian pound against the dollar will be recorded at about LE 36.83 on average during the period 2024-2028. This is in light of the expectation that the deficit in the current account balance will contain a deficit at the level of 2.6 percent of the gross domestic product on average annually during that period.

The project's first strategic direction aims to achieve strong, comprehensive, sustainable, and balanced economic growth supportive of the renaissance of the Egyptian state. This is expected to range between 6 percent to 8 percent, with a greater focus on the quality of economic growth. 

It also aims to enhance the contribution of both exports and investments in generating output and focusing on a pace of economic growth that supports employment. The goal is to provide between 7 to 8 million job opportunities during that period.

The second strategic direction aims to adopt predictable economic policies that support macroeconomic stability. It aims to achieve price stability and financial discipline, put public debt on sustainable paths, and enhance foreign exchange receipts. The project aims to reach a target total of $300 billion by the end of the year 2030, which represents three times the current levels.

The third strategic direction aims to implement strategies, plans, and programs that support the performance of the economic sectors leading the renaissance of the Egyptian state.

Finally, the sixth strategic direction addresses Egypt's pioneering role in the global economy. This includes activating and maximizing the economic role of the Suez Canal, enhancing Egypt's role in transit trade, and continuing to conclude effective international strategic partnerships.