IBRD Expects Egyptian Economic Growth by 1.4% in 2012

The International Bank for Reconstruction and Development (IBRD) expected that the Egyptian economy will achieve an annual growth rate of 1.4% during 2012, which is likely to increase to 4.6% in the year 2014. In its World Economic Horizons report for the month, IBRD indicated that the conditions in the Middle East are still characterized by uncertainty, fluctuations and political changes. The Egyptian gross domestic product increased by only 1% during 2011 compared to 3.8% in 2010, according to the report, that also expected the growth rates to remain weak in the region by 0.6% in 2012.