Cairo – Mubasher: Egypt’s economic growth rate is likely to rise by 5.5% during fiscal year 2018/2019.
Public-sector investment accelerates the Egyptian economic growth, in addition to the higher competitiveness of exports and tourism due to the weak pound, according to a recent report by Standard Chartered.
Economic growth limits decline in contributions to private consumption, which is the main booster of the economy, the report added.
The increase in gas output is a positive factor in the medium-term, according to the report.
At the level of inflation rates, the London-based multinational banking and financial services company forecast the consumer price index (CPI) to hit 14.8% this fiscal year.
The report indicated that the Central Bank of Egypt (CBE) is seeking the inflation rate to reach 13%, which could be achieved.
The Egyptian planning ministry previously stated that the national economy’s growth rate reached 5.3% in FY2017/2018.
