Mega projects may shore up Egypt's ailing economy

Egyptians hope the national economy will witness recovery in the coming few years amid experts' forecast that planned mega projects will boost such positive outlook The World Bank forecast a 2.7 percent economic growth during remaining months of the current year, as compared to 2.3 percent last year.

Such an outlook comes amid plans for new mega projects aimed at shoring up the ailing economy, namely the new Suez Canal venture, expected to secure USD 100 billion worth of proceeds and create one million jobs in seven years.

The Chairman and Managing Director of Suez Canal Authority, Admiral Mohab Mohamed Hussein Mameesh, said the major project would boost national income due to forecast substantial increase of fees-levied navigation.

According to a fresh WB's report, six Arab states, including Egypt, "are qualified" to post rapid economic development, however such an upbeat prospect largely hinges on economic policies that should be adopted by governments of these countries.
As remedies, the WB recommends speedy economic reforms to pave way for the private sector to flourish and provide new work opportunities.
With respect of combating corruption, Prime Minister Ibrahim Mahlab pledged to fight administrative corruption, bolster integrity and protect public funds, also vowing to implement the relevant international conventions.

Meanwhile, Egypt's Consumer Price Index rose, in June, 25.3 percent, posting 122.9 points, in contrast to 98.1 points in April.