Egypt says economy to grow eight percent annually by 2022

Egypt expects its economy to grow an annual rate of eight percent by 2022, Prime Minister Mostafa Madbouly said on Sunday.

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

In July, Madbouly said gross domestic product (GDP) grew 5.6 percent 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.