WB expects Egypt's GDP
The World Bank
Cairo - WAM
Egypt's gross domestic product is projected to reach 5.3 percent by 2019, suggesting the economy of the most populous Arab state is recovering after years of turmoil, the World Bank has said.
In its monthly Global Economic Prospects report for June, the Bank estimated Egypt's GDP would grow 3.9 percent in the 2016-17 fiscal year, which ends this month, in line with government expectations.
"Egypt's growth is expected to remain near 4 percent in fiscal year 2017 and strengthen in the two years thereafter, supported by the gradual implementation of business climate reforms and improved competitiveness, although high inflation weighs on near-term activity," the report said.
The bank sees the growth rate rising to 4.6 percent in the following year and 5.3 percent by the 2018-19 fiscal year, back to pre-2011 levels.
Egypt's economy has been struggling since a 2011 uprising drove foreign investors and tourists away.
Source: MENA
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