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Economy to grow by 8% annually by 2022-PM

Monday 16 September 2019 09:25 AM

  Mostafa Madbouly
Mostafa Madbouly

Egypt expects its economy to grow by an annual rate of 8% by 2022 as the government improves the investment climate, Prime Minister Mostafa Madbouly said on Sunday.

“The Egyptian government expects growth to gradually pick up to 8 percent by 2022,” he told a meeting of Arab central bank governors.

In July, Madbouly said gross domestic product (GDP) grew 5.6% in the 2018/19 fiscal year.

Barring the oil industry, Egypt’s economy has struggled to attract foreign investors since the 2011 uprising that ended Hosni Mubarak’s 30-year rule.

Madbouli told the central bank governors that the government wanted to “alter the face of private investment to spur growth.”