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FINANCIAL NEWS
Egypt’s economy to increase by 3.9pct
19 Jan 2017
(MENAFN) Egypt’s economy will grow by 3.9 percent in the fiscal year ending in June, missing the government’s target of almost 5 percent and falling below last year’s growth rate.
Accordingly, economic growth will slow in the fiscal year starting in July to 3.5 percent, while it will pick up again in 2018/19 to hit 4.0 percent.
Meanwhile, the government announced reforms involving floating its currency and cutting fuel subsidies to help the economy recover and issue USD12bn loan program.
In addition, the inflation jumped to reach 25.86 percent in Dec following the government”s decision to float the pound, halving its value.
M
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