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World Bank forecasts Egypt's economic growth at 5.7pct in 2019

Wednesday 09/January/2019 - 02:05 PM
Sada El Balad
Hassnein Tayea
The World Bank forecasts Egypt’s growth to reach 5.7% in 2019، driven by the country’s economic reform program، a report by the group said on Wednesday.

The report added that Egypt registered a growth rate of 5.3 percent in the past fiscal year، as tourism and natural-gas activity have continued to show strength. Its unemployment rate has generally fallen.

Policy reforms have contributed to an upgrade of its sovereign rating in August 2018. Fiscal adjustments in Egypt have also been steadily progressing، the report added.

Policy reforms in oil importers have helped promote innovation capacity among firms، according to the report.

Headline inflation in Egypt remains near its end 2018 target level of 13 percent، despite edging up recently. Core inflation has been contained and the central bank has conducted two policy rate cuts in 2018، despite tighter external financing conditions، the report said.

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