Egypt needs to achieve annual GDP growth of more than 8% to enhance current living standards, says former ECES Executive Director
Egypt’s Minister of Planning and Economic Development, Hala El-Said, has revealed that if the country’s population growth rate stabilises at the current 2.56%, the Egyptian people will reach 132.3 million by 2030.
El-Said also said that the Egyptian state is aware of the great challenges that must be faced, while creating promising opportunities from those challenges for future work and development.
The minister added that among the most important challenges is the increase in population growth rates. She noted that Egypt is currently increasing at an annual rate in a similar vein to a country with a population of 2.5 million.
The exponential rise in population increases the imbalance between the rate of population growth and the size of resources, and devours the results and fruits of the achieved growth. It even exacerbates the economic and social pressures and challenges the country faces, El-Said said.
Her remarks came during a speech, made on behalf of Prime Minister Mostafa Madbouly, at the opening of the second Egypt Economic Summit. The 2020 edition of the summit is being held under Prime Minister Madbouly’s patronage.
Sherif El-Diwany, former Executive Director at the Egyptian Center for Economic Studies (ECES), told Daily News Egypt that with this huge expected increase in population, Egypt needs to achieve annual GDP growth of 8% to only maintain the current living standards for its citizens.
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