Egypt has achieved an economic boom over the past seven years that enabled the country to become more resilient in the face of domestic and global shocks, especially amid the ongoing COVID-19 crisis, Minister of Finance Mohamed Maait stated on Monday.
He noted that Egypt’s President Abdel-Fattah El-Sisi managed to change the country’s economic face by implementing a national inclusive economic reform programme that targets improving people’s living conditions.
In its Challenge and Achievement Report, the ministry said that Egypt has attained the highest economic growth rate since the global financial crisis of 2008 with a rate of 5.6 percent in FY 2018/2019, up from 4.4 percent in FY 2013/2014.
Moreover, Egypt achieved the second highest GDP growth globally in FY 2019/2020, recording 3.6 percent in the beginning of the COVID-19.
Furthermore, Egypt attained the second highest budget initial surplus globally at two percent in FY 2018/2019, up from 3.5 percent in FY 2013/2014, while the budget deficit declined to 7.4 percent in the current FY 2020/2021, according to the report.
The report said that inflation rates decreased from 22 percent in 2017 to 4.5 percent in 2021.
It also noted that Egypt is one of the best countries in lowering the debt to GDP ratio by 20 percent over three years despite the pandemic.