Africa: Tourism to generate $6b revenue during 2021/2022, as Egypt expects to rake in another $6b from Suez Canal

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North African country, Egypt has forecast that it will generate $6 billion in income from tourism activities in 2021/2022 as the tourism sector gradually starts to recover, according to Egypt’s Minister of Planning and Economic Development Hala El-Saeed.

Speaking before the Financial, Economic, and Investment Committee in the Senate, El-Saeed added, according to arabnews.com, that the government expects to gain $6 billion from the Suez Canal in the same time frame, in addition to increasing foreign investment rates to $7.4 billion during the fiscal year.

READ: Africa: Minister projects a return to pre-COVID-19 level for Egypt’s tourism by (Q3) 3rd quarter of 2022

Regarding the main objectives of the 2021/2022 development plan, the minister forecast a growth rate of 2.8 percent in the current fiscal year, while the government aims to achieve growth of 5.4 percent in the following time frame. She added that the government is aiming for inflation to be 5.6 percent in the current fiscal year and 6 percent the following year.

The minister said that the current fiscal year is expected to end with an average unemployment rate of 7.5 percent, adding that the government aims to gradually reduce this to 7.3 percent in the next fiscal year. The government will also aim to reduce the poverty rate to 28.5 percent as part of the 2021/2022 plan, she added.

READ: Africa: Egypt aims to create global tourism hub with ‘Cairo Eye’ project worth $31.7m and attract 2.5m tourists annually

The minister announced that non-petroleum commodity exports amounted to $19.5 billion, while remittances from Egyptian expats abroad are expected to rise 7 percent year-on-year to $30 billion in 2021/22.

The International Monetary Fund has forecast a 5.5 percent growth rate in 2021/2022 and 2.8 percent in the current fiscal year. By comparison, the World Bank has forecast a growth rate of 5.8 percent in 2021/2022, with Fitch Ratings predicting 6 percent and The Economist forecasting f 4.1 percent growth.

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