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NASDAQ: Egypt's economy to grow 5.2 percent in FY 2018-19

Egypt's economy will grow 5.2 percent in the fiscal year that began in July, economists said in a Reuters poll.
25.07.18 | Interesting article at NASDAQ

Egypt's economy will grow 5.2 percent in the fiscal year that began in July, economists said in a Reuters poll, as Cairo pushes ahead with economic reforms that have strained millions of Egyptians living under the poverty line.

The reforms imposed under a 2016 IMF-backed austerity plan tied to a $12 billion loan programme have revived economic growth in the Arab world's most populous country following years of political turmoil.

A median forecast of 12 respondents was for 5.5 percent growth in the 2019-20 fiscal year.

"Looking further ahead, Egypt's commitment to the IMF reform programme and the authorities' ability to follow through with the difficult reforms will be key to unlocking Egypt's growth potential," said Nadene Johnson, an economist at NKC African Economics.

"The country has made significant progress under the IMF loan programme thus far and therefore Egypt's medium-term economic growth prospects remain strong," she told Reuters.