Egypt’s economy grew approximately 4.2% in fiscal year (FY) 2014/2015, according to preliminary estimates, with positive indicators regarding unemployment and inflation rates, stated Prime Minister Ibrahim Mehleb.
The government did not announce the final economic indicators for the last FY, which ended in June 2015, but it is anticipated that there will be a 5% economic growth during the current fiscal year.
“There are actual contracts signed in Sharm Al-Sheikh Economic Summit worth $60bn,” added Mehleb during a conference of expatriate Egyptians held in Luxor governorate.
Egypt is implementing several major projects, according to Mehleb, including the social housing project that involves building 1m housing units, asserting that it is a real project and not an illusion. “Those who distrust the seriousness of the project can count the units as they are built,” he said.
“We also carry out a reclamation and land development project, or what is known as the new countryside,” Mehleb added. He said that this is the view of President Abdel Fattah Al-Sisi, who has emphasised the need to establish comprehensive development communities.
The Ministry of Manpower and Immigration held a conference for Egyptians working abroad on Monday, under the title “Our strength lies in our unity”. The conference was held with the attendance of numerous ministers, and seeks to benefit from Egyptian efforts in implementing actual projects within the country in the fields of electricity, oil, health, population, environment, and training.
According to the financial statement, the government expects a growth rate of at least 5% during the current FY, compared to an expected 4.2% growth in the last FY.
The budget previously announced, in June, by the Ministry of Finance was amended as the deficit has been reduced to EGP 30bn, to reach 8.9% of GDP against 9.9% in earlier government estimates.
Since last year, the government has depended on establishing large national projects to reduce unemployment and improve the situation of the Egyptian economy.
Mehleb described the current situation in Egyptian as “we live the pain and the hope”. He added that the country faces many challenges which “we aim to overcome through massive procedures to correct the economic track and achieve significant growth rates and development”.
The prime minister urged Egyptians to see the whole scene in the development of the Suez Canal area, pointing out that the Ismailia, Port Said, and Suez governorates, alongside the Sinai Peninsula, will witness establishing six ports, three industrial zones and other important activities that will contribute to job opportunities to reduce unemployment rates.