Egypt is targeting a 4.20% economic growth rate in the fiscal year (FY) 2024/2025, said Hala El-Saeed, Minister of Planning and Economic Development.

The Egyptian government revised down growth prediction for FY 2023/2024 from 4% to between 2.90% and 3%, she added during a seminar organised by the London Stock Exchange Group, according to an official statement.

Egypt’s real gross domestic product (GDP) growth is expected to reach 2.80% in FY 23/24 and 4.20% in FY 24/25, as shown in a recent report by the World Bank Group.

It is worth noting that the country’s overall balance of payments (BOP) deficit recorded $409.60 million in the first half (H1) of FY 23/24.

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