Egypt targets 5% economic growth in 2015/2016

Egypt's economic growth rate is expected to hit 5 percent in 2015/2016, the Finance Ministry said on Thursday.

In a statement on Egypt's 2015/2016 draft general budget, the ministry pointed out that it targets reaching a seven-percent economic growth in 2018/2019.

The unemployment rate is expected to hit 11.5 or 12 percent in 2015/2016, and less than 10 percent in 2018/2019, the ministry noted.

It added that Egypt's budget deficit is scheduled to range between 8 to 8.5 percent in 2018-2019.

The inflation rates are expected to hit 10 or 11 percent in 2015/2016, and 7 or 8 percent in 2018/2019, the ministry said.