Despite challenges, there are signs of hope for Egypt's economy. Egypt's economy is predicted to grow by 2.9% or 3% in the current financial year and is expected to accelerate to 4.2% in 2024/25, according to Planning Minister Hala al-Saeed. The growth will come from investment spending, net exports and imports, and consumer spending. Finance Minister Mohamed Maait also predicted 4.2% growth in 2024/25 during International Monetary Fund talks in April. The economy has been boosted by a $24 billion real estate deal with the United Arab Emirates, currency devaluation, and an $8 billion agreement with the IMF. The central bank reported that growth slowed to 2.3% in Q4 2023 and is expected to remain subdued in Q1 2024 [0db6771a].
In a bid to further boost the economy, Egypt plans to invest $83 billion in green hydrogen projects and resume liquefied natural gas exports. The government is also privatizing state companies and expanding the Suez Canal. Egypt aims to increase its US dollar liquidity to $191 billion by 2026, with $17 billion coming from the Suez Canal. The private sector and dynamic economy are crucial for revival. The e-commerce industry is valued at $7.8 billion and expected to reach $15.7 billion by 2028. Tourism revenues surged to $13.6 billion in the 2022-2023 fiscal year. Egypt aims to attract 30 million visitors by 2028 [d8ea88c9].
In a bid to further boost the economy, Egypt plans to launch new international bids for oil, natural gas, and gold exploration in 2024. The tenders will cover onshore and offshore fields in the Gulf of Suez and the Eastern and Western Desert. The Minister of Petroleum, Tarek El-Molla, announced the upcoming tenders, stating that the new gold auction will be launched in the second half of 2024. Egypt's average production of natural gas reached 5.8 billion cubic feet per day in 2023 [09a872e9].