World Economy

Egypt Annual Growth Estimated at 6 Percent

Egypt Annual Growth Estimated at 6 Percent Egypt Annual Growth Estimated at 6 Percent

The Egyptian economy can sustainably expand at an annual growth rate of 5 to 6%, said an industry expert, noting that further reform progress is crucial and access to foreign funds is a key element in this process, TradeArabia reported. “Despite recent progress, including a successful IMF program as well as the issuance of new eurobonds, more work needs to be done to unleash the country’s full potential,” added Michael Bolliger, head of Emerging Market Asset Allocation at UBS Wealth Management’s Chief Investment Office. He was commenting on a new report launched by the CIO on Africa’s sovereign credit prospects, an important benchmark used to evaluate the risk of investing in a country. The report concludes that after years of deterioration, the credit outlook of many African sovereign issuers is stabilizing or improving. The report assigns a stable credit outlook to Egypt. Over the next five years, the country’s population is expected to increase by more than 10 million according to the UN, which is likely to become a sound driver of economic growth if the right conditions are met.


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