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FINANCIAL NEWS
New mega project to boost Egypt’s economy
04 Sep 2014
(MENAFN) Egypt is hoping that the national economy will witness a recovery in the coming few years, KUNA reported.
These hopes come amid forecast that planned mega projects will have a positive impact on the currently struggling economy and predictions of a 2.7 percent economic growth during remaining months of the current year, as compared to 2.3 percent last year.
These predictions comes after the announcement of plans for new mega projects in the country, mainly the new Suez Canal project, which is expected to be worth USD100 billion in proceedings and create one million jobs in seven years.
Meanwhile, Egypt’s Consumer Price Index rose in June to reach 25.3 percent, posting 122.9 points in June compared to 98.1 points in April, while inflation rate reached 3.3 percent in the same month, mainly due to the government decision to increase prices of electricity and fuel.
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