Egypt's economy likely to grow 4.2% in FY 2023/24: Morgan Stanley

Morgan Stanley expects Egypt’s gross domestic product (GDP) to grow by around 4.2% in the current fiscal year (FY) of 2023/2024, up from its previous projection for the country of 5%, Asharq Business reported on July 28th, citing a global economic report by the investment bank.

On July 19th, Minister of Finance Mohamed Maait announced that Egypt’s GDP hit 4.2% in FY 2022/2023.

The state’s revenues saw an annual growth of about 12.5% in FY 2022/2023, as tax revenue climbed by 23.1%.

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