Egypt’s GDP, exports to see ‘stronger growth’: HSBC

Egypt’s gross domestic product (GDP) and exports are projected to see “stronger growth” in the coming years, boosted by increasing foreign investments’ inflow into major projects, said HSBC Bank Egypt in a Monday report.

In its latest Trade Forecast Report, HSBC said Egypt’s growth forecasts have improved significantly over the last year, thanks to government’s commitment to implement reform program, which helped bolster economic growth.

“If this commitment is sustained and political stability continues, then growth should continue to accelerate, helped by continued GCC and Western support,” according to the report.

Earlier in April, the International Monetary Fund upgraded its forecast for Egypt’s economic growth in 2015 to 4 percent, from 3.8 percent in its previous assessment, citing macroeconomic stabilization plans and wide-ranging structural reforms.