Egypt plans to up investment-to-GDP ratio to 25.6% in 5 yrs

Cairo – Mubasher: Egypt’s government is planning to increase the investment-to-gross domestic product (GDP) ratio to 25.6% by 2022 from 16.9% during the fiscal year 2017/2018.

The government’s medium-term sustainable development plan 2018-2022 includes increasing the GDP growth rate to 8% from 5.8%, in addition to hiking GDP per capita growth to 6% from the current 3%, minister of planning Hala El-Saeed said in a statement on Wednesday.

The plan also entails raising net foreign direct investment (FDI) to $20 billion by 2022, she added.

The minister revealed that the government aims to cut the budget deficit to less than 5% in the last year of the plan from 9.5% in FY17/18, along with bolstering non-oil merchandise exports by an annual average of 13% to reach $35 billion by 2022.

Mubasher Contribution Time: 22-Aug-2018 14:34 (GMT)
Mubasher Last Update Time: 22-Aug-2018 14:42 (GMT)