Egypt’s economy to miss government’s growth target
Country has been struggling to stimulate its economy amid a severe shortage of dollars since 2011
Egypt’s economy is likely to grow 3.5 percent in the 2016/17 fiscal year, missing the government’s target of around 5 percent and falling below last year’s growth rate, a Reuters poll showed on Thursday.
The poll, which surveyed 17 analysts, found growth would pick up only slightly to reach 3.7 percent the following fiscal year.
Egypt has been struggling to stimulate its economy amid a severe shortage of dollars since a 2011 uprising drove away tourists and foreign investors, key sources of foreign currency.
The economy also fell short of the government’s target of 5.5 percent for the 2015/16 fiscal year, which ended in June. Egypt’s finance minister has estimated growth for that period at around 4.2 percent.
“Real GDP growth was unexpectedly high in 2015/16 considering the sharp downturn in tourism and severe forex shortages,” said Jacques Verreynne, an analyst at NKC African.
Also Read
-
US working with G7 countries to fund IMF Egypt program
Egypt needs to arrange up to $6 billion in bilateral gap financing before the IMF board can approve the program and release an initial loan tranche of about $2.5 bln Economy -
Egypt ‘has mustered’ 60 percent of $6 bln required to secure IMF deal
Will also issue international bonds in second half of November or early December Economy -
Vodafone Egypt and Etisalat sign multimillion dollar 4G license agreements
Vodafone Egypt and Etisalat Misr signed 4G license agreements with the country’s telecoms regulator for $335 million and $535.5 million respectively Telecoms -
Egypt said to get a $2 bln boost from Saudi Arabia for IMF deal
The Saudi deposit pushes Egypt closer to securing a $12 billion loan from the International Monetary Fund Business
