FINANCIAL NEWS

Egypt’s economy to grow by 3.5pct

21 Oct 2016

(MENAFN) Egypt’s economy will grow to 3.5 percent in the 2016-2017 years, missing the government”s target of almost 5 percent.

The country has been struggling to stimulate its economy amid severe shortage of dollars since 2011 uprising drove away tourists and foreign investors.

Additionally, the economy also fell of the government”s goal of 5.5 percent for the 2015/16 years, which ended in June.

Accordingly, real GDP growth was unexpectedly high in 2015/16 considering the sharp downturn in tourism and severe Forex shortages.

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