Egypt to be among World’s 10 Emerging Economies

President Mohamed Morsi said Egypt's economy is recovering as it witnessed positive indications in the first quarter of the current fiscal year. The growth rate in this quarter increased by 2.6 per cent, comparing to a 0.3 per cent rise in the same period in the last year, he said, addressing the Forum of Egyptian-German Businessmen.

Morsi said analysts, based on these figures, predict that Egypt will be among the top ten emerging economies in the world in the coming years. Morsi said analysts expected the growth rate in Egypt will post a 3.8 per cent rise in this current fiscal year. It may hit an increase of 5.5 per cent in the next year, Morsi said. "We hope that the growth rate will soar to 8 percent over the next years," the President said.