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Egypt affirms economic resilience to regional shocks
The article focused on Egypt's success in achieving a 5.1% economic growth rate during the fiscal year ending in June 2023, despite regional and global challenges. Officials pointed to the diversity of sectors contributing to this growth, especially industry, trade, communications, and information technology, which accounted for 48% of the overall growth. It was also emphasized that the government aims to increase the contribution of private investment to 64% by 2030, with a focus on reducing dependence on borrowing and encouraging production and investment to make the economy more sustainable and competitive. Additionally, the monthly inflation rate decreased to 12.7% in August 2023. Achieving relative stability in the exchange rate is considered a key goal, with an emphasis on attracting private investments and improving the business environment to ensure sustainable growth that raises living standards across various governorates.
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