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MENA FN: Egypt's economy to sustain growth at 5.2% in 2019

The GDP's recovery reflects improvements in tourism, rising natural gas production, and increased confidence in the economy.
28.01.19 | Interesting article at MENA FN

A recovery in domestic demand, particularly private consumption, is forecast to sustain Egypt's economic growth at 5.2% in 2019, according to the United Nations World Economic Situation and Prospects (WESP) 2019.

For 2019, the monetary policy stances are expected to be neutral to tightening in North Africa, including Egypt, following the trend of the United States and the euro area, the report estimated.

The report noted that external demand that drove the Egypt economy's growth rate to 5.8% in 2018, is forecast to stay mostly favourable. It also warns that structural vulnerabilities, including weak fiscal and balance of payment positions, are projected to weigh on growth prospects.
Additionally, the International Monetary Fund (IMF) expected Egypt's gross domestic product (GDP) to hike to 6% in the fiscal year 2022/23, from 5.5% in the current FY 2018/19 and 5.3% in FY 2017/18.

The GDP's recovery reflects improvements in tourism, rising natural gas production, and increased confidence in the economy, due to the implementation of the economic reform programme, supported by the IMF's Extended Fund Facility, according to a report from the IMF on in October 2018.