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FinancialNews


  • 25-04-19

    Egyptian economy forecast to jump 5.5 percent

    (MENAFN) Egypt is forecast to record a 5.5 percent boost in its economic growth by late June 2019 as the country sees progress in its economic reforms.

    Projections were made by economists that Reuters polled to mark a minor increase compared to a survey conducted in the past three months.

    It comes as the Egyptian economy started having a hard time luring investments since 2011, when President Hosni Mubarak was ousted.

    Non-oil private sector transactions in Egypt, the Emirates NBD Egypt Purchasing Managers' Index (PMI) revealed, contracted for the seventh month in a row.

    Economist at NKC African Economics Nadene Johnson commented "medium-term economic growth is underpinned by improving fiscal finances, reforms to strengthen the business environment and rising investment in key sectors."

    "But structural constraints are keeping the growth forecast slightly subdued," Johnson added.

    MENAFN2504201900450000ID1098437100

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