Egypt slashes economic growth forecast to 2.9% in FY2023/24

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The minister further revealed that the Suez Canal revenues fell between 60% and 65% in the first four months of 2024 due to the Red Sea disruptions

Staff Writer, Arab Finance

May 22, 2024

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Egypt has trimmed its economic growth expectations to between 2.8% and 2.9% for the current fiscal year (FY) ending in June, from previous expectations of 3%, Planning and economic Development Minister Hala Elsaid told Asharq Business.

The minister further revealed that the Suez Canal revenues fell between 60% and 65% in the first four months of 2024 due to the Red Sea disruptions.

Elsaid added that the economic growth rate in the third quarter (Q3) of FY2023/2024 reached 2.4%, compared to 3.9% a year ago.

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