Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) expects Egypt’s economy to grow by 5.5% in fiscal year 2018/2019 and 5.9% in FY19/20.
The tourism, oil and gas, telecommunications, and construction sectors along with Suez Canal revenues have significantly supported the state’s strong economic growth, EBRD said in a recent report.
“The main risks to the outlook arise from a persistent wait-and-see approach taken by foreign investors and the erosion of competitiveness because of the recent appreciation of the pound and stubbornly high inflation,” the report added.
However, the risks are alleviated in part by structural reforms currently being implemented by the government.
During the third quarter of FY18/19, Egypt’s economic growth stood at 5.6%, compared to 5.4% in the year-ago period, the country’s planning minister, Hala El-Saeed, previously said.
The most populous Arab nation plans to achieve economic growth of 5.8% in Q4 of FY18/19, El-Saeed added.
