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FINANCIAL NEWS
Egypt’s GDP growth rate to fall by 4pct
12 Jan 2017
(MENAFN) The World Bank stated that amid oil-importing economies, growth in Egypt has declined to 4.3 percent if financial year 2016 due to foreign currency shortages.
Furthermore, falling oil prices helped Lebanon, Morocco and Tunisia lower their recent account deficits in 2016, while Egypt viewed balance of payment pressures.
Accordingly, the country’s progress in cutting account deficit in the 3 years leading up to 2014 was in vain, with the deficit posting 5.5 percent of the GDP in 2016.
In Egypt, the pace of growth, recently predicted to increase to 5.4 percent in FY 2019, which is dependent on 2 factors, like how quickly the economy can adjust to the flotation of the Egyptian pound.
M
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