Egypt seeks GDP growth rate of 10% in FY 2029/30: Minister

Ahram Online , Wednesday 31 Oct 2018

Hala El-Saeed
File Photo: Egypt's Planning Minister Hala El-Saeed (Phot: Al-Ahram)

Egypt's Planning Minister Hala El-Saeed has said that the government seeks to achieve a gross domestic product growth rate of 10 percent by the end of the 2029/30 fiscal year.

To meet this target, the government aims to reach a growth rate of 5.9 percent in the 2018/19 fiscal year, to gradually increase to eight and then 10 percent in the 2029/2030 fiscal year, El-Saeed said.

The minister made the remarks during a regional population and development conference held in Beirut on Tuesday.

Egypt’s gross domestic product grew to 5.3 percent in the 2017/18 fiscal year, the highest rate in a decade, according to El-Saeed. This was the latest sign of economic recovery in recent months amid tough reforms the Egyptian government is implementing, including tax hikes and subsidy cuts as part of a $12 billion IMF loan deal aimed at attracting foreign investors.

Egypt’s economy has been hurt by years of turmoil following the 2011 popular uprising that scared away foreign investors and tourists.

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