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Egypt’s GDP growth rate for the fourth quarter of the 2023/24 year was 2.4%, resulting in an annual growth rate of 2.4%, down from 3.8% the previous year, according to the planning ministry. The slowdown was attributed to ongoing geopolitical tensions, global economic uncertainty, and the government’s contractionary policies aimed at restoring macroeconomic stability. Egypt has committed to the International Monetary Fund to reduce the state’s involvement in the economy and promote private sector participation as part of its $8 billion IMF loan agreement.
The ministry noted that key sectors of the Egyptian economy have been affected, with a significant decline in Suez Canal activity by 68% in the fourth quarter. Suez Canal revenue dropped to $6.6 billion in 2023/24 from $8.8 billion the previous year, as a result of attacks on Red Sea shipping by Yemen’s Houthis in solidarity with Palestinians in Gaza.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
