Cairo – Mubasher: The Egyptian economy is expected to grow by 3.3% in 2016 and 4.3% in 2017, against 4.2% in 2015, said the International Monetary Fund (IMF) in its World Economic Outlook report.
Moreover, Egypt’s consumer price index is likely to hit 9.6% and 9.5% in 2016 and 2017, respectively, compared to 11% in 2015, IMF added.
Unemployment in Egypt is projected to reach 13% in 2016 and 12.4% in 2017, versus 12.9% in 2015.
Earlier, Egyptian prime minister said that economic growth rate is expected to settle at 5-6%, clarifying that more progress in growth rate requires raising gross domestic savings to 9-10% of GDP instead of the present rate that is less than 6%.
On 24 March, the government said that Egypt’s social and economic development strategy for 2016/17 targets to register a growth rate of 5.2% in. In addition, unemployment rate is estimated to be cut to 10-11% by 2017/18, the government added.
