The Planning Ministry announced on Thursday that Egypt's GDP grew by 2.4% during the fourth quarter 2023/24, bringing its annual growth to 2.4%. This is down from the 3.8% growth rate a year ago.

The Planning Ministry attributed this slowdown to geopolitical tensions, global economic uncertainty and the government's contractionary policy.

According to the ministry, these policies are aimed at restoring stability in the macroeconomic environment. The key policy is strengthening the governance of investments made by the public.

Egypt has made a promise to the International Monetary Fund that it will reduce the role of the state in the economy, and give private companies an even greater role. This is a condition for

The IMF has lent the US $8 billion

The ministry released a statement saying that "key sectors of the Egyptian economic system have been affected by ongoing geopolitical tensions, and global economic uncertainty." This has led to a decrease in economic activity.

The ministry said that this was particularly apparent in the Suez Canal, where activity experienced a steep decline of 68% between Q4 and the end of the fiscal year.

The revenue from the Suez Canal decreased to $6.6 billion by 2023/24, down from $8.8 million in the previous year.

The central bank said

On Tuesday, the Houthis of Yemen attacked ships in the Red Sea in an act of solidarity with Palestinians living in Gaza.

(source: Reuters)