Egypt’s economy to increase by 3.5 percent

19 Apr 2016

(MENAFN) Egypt’s economy will grow by 3.5 percent through 2016 and 2017, largely missing the government’s target of 5.2 percent and dipping below last year’s growth rate.

Additionally, the economy increased by almost 4.2 percent among 2014/15 financial year, while its economy runs from July through June.

However, this year will be tough for the country due to the short-term pain caused by the devaluation of the pound and issues in the tourism sector.

On the other hand, the country raised interest rates by 150 basis points to avoid fueling price rises after devaluing the currency by 12 percent.

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