Egypt's Economic Growth to Reach 5.23% in 2018Source: www.export-egypt.com 10/9/2018, Location: Africa |
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The International Monetary Fund (IMF) said that Egypt’s economy is projected to grow 5.3 percent in 2018 and around 5.5 percent in 2019, according to a report issued .
Growth outlook in the North African nation has improved, compared to October 2017 estimates, said the report that was issued on the sidelines of the annual meetings of the IMF and the World Bank (WB). The IMF said that economic growth is forecast to reach 6 percent in 2019-2023, the IMF highlighted. The IMF attributed the growth recovery in Egypt to the increase in natural gas production, the rebound in the tourism sector and the government's application of economic reform program, the report said. The current account deficit is likely to decline to 2.6 percent of gross domestic product (GDP) from 6.3 percent of GDP in 2017, the IMF said. It pointed out that the current account deficit would narrow further to 2.4 percent in 2019 and 1.2 percent in 2023. The meetings are attended by Finance Minister Mohamed Maait and International Cooperation Minister Sahar Nasr. |
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