The Egyptian economy is expected to grow by 5% in fiscal year 2018/2019, with the tourism sector maintaining recovery and expectations of further hikes in gas prices, a recent report by the Institute of International Finance (IIF) revealed.
The IIF expressed optimism about Egypt’s economic growth in the coming two years, according to the report.
In the medium-term, the future outlook for North African nation’s economy is unclear due to the restructuring obstacles, the difficult situation of the global economy, intensive financing conditions, and the uncertain global trade system, the report indicated.
The absence of deep restructuring may slow the growth pace to 4% by 2022, the report said.
Last week, the European Bank for Reconstruction and Development (EBRD) projected Egypt’s gross domestic product (GDP) to reach 5.5% in FY18/19, compared to 5.3% in FY17/18.