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Trade Arabia: Egypt economy ‘could expand at 6pc per year’

Despite recent progress, a successful IMF programme, the issuance of new Eurobonds more work needs to be done to unleash the country's full potential
09.08.17 | Interesting article at Trade Arabia

The Egyptian economy can sustainably expand at an annual growth rate of 5 to 6 per cent, said an industry expert, noting that further reform progress is crucial and access to foreign funds is a key element in this process.

“Despite recent progress, including a successful IMF programme as well as the issuance of new Eurobonds, more work needs to be done to unleash the country's full potential,” added Michael Bolliger, head of Emerging Market Asset Allocation at UBS Wealth Management's Chief Investment Office (CIO).

He was commenting on a new report launched by the CIO on Africa's sovereign credit prospects, an important benchmark used to evaluate the risk of investing in a country. The report concludes that after years of deterioration, the credit outlook of many African sovereign issuers is stabilizing or improving.