Egypt growth in 2014 is expected to be broadly the same as in 2013, says the International Monetary Fund’s latest World Economic Outlook.
Egypt gross domestic product to grow by 2.3 percent in 2014, as political uncertainty will continue to weigh on tourism and foreign direct investment, notwithstanding the fiscal stimulus supported by GCC financing. Large imbalances will persist unless structural reforms and fiscal consolidation are initiated, the IMF report showed.
Minister of Planning Ashraf El-Araby recently announced that the interim government is aiming to grow gross domestic product by 3 to 3.4 percent during the next fiscal year.
Previously, Finance Minister Hany Kadry Dimian stated that he expected growth during the current fiscal year (FY 2013/2014) to range between 2 and 2.5 percent.
During the first quarter of FY 2013/ 2014, GDP grew by just 1 percent. The Ministry of Finance attributed this “unsatisfactory economic activity” to political instability and insecurity. The ministry also stated that time-consuming public investment projects hindered growth.
During the same period in FY 2012/2013, GDP grew 2.6 percent.
