Egypt’s economy capable of facing challenges: Sisi

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  • These statements come in the aftermath of Egypt’s non-oil exports increasing 22 percent in July, as compared to the same period last year
  • In fact, the International Monetary Fund has already predicted that the country’s GDP would grow 5.2 percent in the current fiscal

The economy of Egypt is now more capable than ever of facing challenges posed by the developments related to the international conditions, local reports have quoted Egyptian President Abdelfattah El-Sisi as saying.

He added that it was also now capable of meeting the aspirations of the Egyptian people.

This came in the president’s address before the G20 Compact with Africa via video conferencing, Presidential Spokesman Ambassador Bassam Radi said in a statement on Friday.

German Chancellor Angela Merkel participated in the fourth edition of the summit, along with the heads of African state and government, members of the G20 and a number of international institutions.

Sisi reportedly thanked Merkel for her efforts and cooperation during her term in office, which helped boost partnership between Egypt and Germany at the political, economic and trade levels.

The summit provides a distinguished platform for expounding Egypt’s sustainable development achievements over the past years, said the spokesman.

These statements come in the aftermath of Egypt’s non-oil exports increasing 22 percent in July, as compared to the same period last year.

In fact, the International Monetary Fund has already predicted that the country’s GDP would grow 5.2 percent in the current fiscal.

Another reason the economy is looking up is that unemployment rates are on the wane, having risen during the Covid-19 pandemic and the resulting lockdowns.

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