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Egypt Hikes Growth Forecast

Egypt Hikes Growth Forecast Egypt Hikes Growth Forecast

Egypt has revised up its economic growth forecast for fiscal 2017-18 that began in July to 5.3 to 5.5% from 4.8% previously, the planning minister said on Saturday, Reuters reported. Hala al-Saeed said gross domestic product was expected to have grown 5.2 to 5.3% in the second quarter that ended in December, adding that the government was aiming for 6% growth in 2018-19. Egypt’s economy has struggled since a 2011 uprising drove tourists and foreign investors away, two main sources of hard currency, but the government hopes IMF-backed policy changes it has embarked on over the past year will put it back on track. Egypt is targeting a 20% rise in total investment for 2018-19, up from 646 billion Egyptian pounds ($36.58 billion) targeted for 2017-18, Saeed said. To draw investment and boost growth, Egypt passed a new investment law last year offering incentives to investors, while a decision to float the pound in late 2016 led to a devaluation that made Egyptian assets relatively cheap in dollar terms.

 

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