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FINANCIAL NEWS
Egypt eyes economic growth between 4-5.8 percent in 3 years
06 Jul 2014
(MENAFN) Egypt’s Finance Minister said his country is targeting economic growth of between 4 and 5.8 percent over the next three years, while holding the budget deficit at 10 percent, The Peninsula Qatar reported.
That would be a marked acceleration from 2.1 percent in the fiscal year ending June 2013 and the rate above 3 percent targeted this fiscal year. New President has said growth should reach 7 percent by June 2018.
“As we expect the additional spending on health and education will offset the effects of the annual reforms in energy (subsidies),” the minister added.
Spending on health is due to increase by 22.7 percent this year, and education spending by 13.3 percent, as the government seeks to fulfil social justice pledges written into the newly approved constitution.
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