Egypt's economy is set to grow 4 per cent this fiscal year driven by successful monetary and fiscal reforms that have bolstered economic resilience, said Minister of Planning and Economic Development Rania Al-Mashat on Thursday. Speaking at the World Government Summit 2025 in Dubai, Minister Al-Mashat highlighted improving private sector performance, with Egypt's Purchasing Managers' Index (PMI) hitting 50.7 in January 2025, its highest level in over four years. She emphasised ongoing structural reforms, business climate improvements, and investment-friendly policies as key drivers of economic recovery. Egypt's GDP grew by 3.5 per cent in the first quarter of the fiscal year 2024/2025, up from 2.7 per cent a year earlier, despite a 68.4 per cent contraction in Suez Canal activity. Growth was fueled by non-oil manufacturing and industrial expansion, Minister Al-Mashat noted. On development financing, she revealed that Egypt secured $4.2 billion in concessional funding for the private sector last year, with a focus on renewable energy as part of the country's goal to become a regional energy hub. Looking ahead, global GDP growth is expected to reach 3.3 per cent in 2025 and 2026, according to the International Monetary Fund (IMF) projections, underscoring the need for targeted investment policies and private sector engagement to sustain Egypt's economic momentum. Attribution: Amwal Al Ghad English
