Cairo – Mubasher: Egypt's gross domestic product (GDP) growth is forecast to increase to 4.7% in the fiscal year 2017/2018, Pharos Research said in a report on Tuesday.
The report expected Egypt’s economy to hike 6.1% in the FY 2019/20.
The economic activity will be increased in the coming five years after achieving further stable factors, including the rise of foreign direct investment (FDI), tourism recovery and ramping up oil and gas production, the research firm said.
On 3 November 2016, the Central Bank of Egypt (CBE) floated the pound in a move to rebalance foreign-currency market. Since then, the key interest rates have been increased by 300 basis points.
The planning ministry said that Egypt's economy grew 5% in the fourth quarter of FY 2016/17.
Economy of the Arab world's most populous state is projected to advance 4.5% in the FY 2017/18, the International Monetary Fund’s World Economic Outlook report showed in October.
