Egypt's economy growing at 3.9% in 2017, accelerating to 5.4% in 2019: World Bank

Newspaper Title: http://www.egyptindependent.com

Newspaper Number:

Tuesday - 18 April 2017

Egypt's economy is forecasted to grow 3.9 percent by the end of 2017 and will be largely driven by public investment and net exports, according to a World Bank report issued earlier this week.

GDP growth this year is reported to be slower, down from an estimated 4.3 percent in the same period last year. The World Bank predicts Egypt’s economic growth will accelerate to 4.6 percent in 2018, and to 5.4 percent in 2019.

“Growth was constrained by severe shortages in hard currency, an overvalued exchange rate and sluggish growth in Europe, Egypt’s main trading partner,” said the report.

It added that key sectors, like tourism and the oil and gas industry, continue to experience negative growth due to under investments and arrears.