Egypt: The minister of planning & economic development, Hala Al-Saeed, noted that the country would witness a growth of 6% in the ongoing fiscal year. This is a good recovery sign for the middle east country. The economy of Egypt was disturbed by the contagious COVID-19 pandemic.
Hala Al-Saeed, asserted, “The likely result is driven by the growth spurt of 9.8 per cent that was achieved in the first quarter of the year, which is the highest growth rate in 20 years, as a result of which international institutions have raised their forecast for the Egyptian economy”.
Despite the challenges thrown by the novel coronavirus viral illness, the middle east country managed to achieve a growth of 3.3% in the year 2020-2021, while 3.6% for the fiscal year of 2019-2020.
The remarks were made by the minister during the opening session of the Sustainable Development Week at the headquarters of the Arab League in Cairo.
The minister noted several policies were also made by the country’s government to revive the drowning economy, which has proven to be successful. Not only for the economy, but policies were also made to liberalise trade, reform the vocational training system, and develop capital markets, as aimed by the National Program for Structural Reforms.
There are a total of three phases in the National Program for Structural Reforms. The first phase of the reform was launched in 2016, and the second phase started the previous year in April 2021.
Since the beginning of the pandemic, more than 453,000 confirmed infections of the viral disease have been reported by the Egyptian healthcare authorities, till now. Meanwhile, so far, there are a total of 23,292 individuals who have lost their lives to the deadliest virus.
Around 38.3% of the total population is vaccinated with one dose, whereas about 27.8% of the total population is fully inoculated.
