Egypt’s economy is preparing to embark on a transformative journey, reveals a research project titled “Document Highlighting the Strategic Directions for the Egyptian Economy for the New Presidential Term (2024-2030).” Spearheaded by Egypt’s Information and Decision Support Center (IDSC), this comprehensive blueprint aims to position the country’s economy as a robust and resilient force. Moreover, it addresses both general economic trends and sector-specific strategies.
Adapting to global changes
Prime Minister Mostafa Madbouly emphasized the need for a forward-looking approach, considering global conditions and sustainable development trends. In a statement, he underlined the importance of leveraging national expertise and involving specialists in crafting public policies. With the new strategy, Egypt aims to navigate the challenges facing its economy that stem from conflicts, wars, and the aftermath of the pandemic.
Key objectives
Additionally, Osama El-Gohary, assistant to the prime minister and head of IDSC, shed light on the document’s core objectives. The policies aim to foster an economic renaissance by supporting local production capacities and enhancing the resilience of Egypt’s economy in the face of crises. The roadmap targets strong, inclusive, sustainable, and balanced economic growth ranging from 6 to 8 percent. Moreover, it focuses on improving the quality of economic growth through increasing exports and investments. Moreover, it targets a supportive economic growth rate to provide 7 to 8 million job opportunities during that period.
Economic policies
The document adopts a strategy of predictable and supportive economic policies to ensure overall stability. This includes targeting price stability, maintaining fiscal discipline, ensuring sustainable public debt levels, and implementing a program to bolster foreign exchange reserves. The ambitious goal is to reach $300 billion by the end of 2030, representing three times the current reserves.
Additionally, a central theme of the blueprint is the development of a sustainable and competitive knowledge-based economy. This involves supporting research and development, embracing technology, and transitioning towards a green economy, aligning Egypt with global advancements.
Furthermore, the document celebrates achievements in the social sectors, particularly in education and health. It emphasizes improving living standards to ensure a fulfilling life for the citizens, aligning with the aspirations of the Egyptian people.
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Global economic influence
Finally, the blueprint positions Egypt as a key player in the global economy by optimizing the economic role of the Suez Canal. It aims to enhance Egypt’s involvement in transit trade and forge strategic international partnerships. It also highlights youth involvement as a fundamental pillar for progress on multiple fronts.
As Egypt unveils this ambitious economic roadmap, the nation is ready to navigate the complexities of the global stage. It is working towards ensuring sustainable growth, resilience, and enhanced well-being for its citizens. The strategic directions outlined in this document mark a visionary path forward. It emphasizes adaptability and progress in the face of an ever-changing world.
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