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Egypt GDP growth seen at 4.2% - report

Egypt GDP growth seen at 4.2% - report
Photo Credit: Arabianeye-Reuters

Cairo-Mubasher: Emirates NBD said, in a report issued about Egypt’s economy that the country’s gross domestic product (GDP) will likely grow by 4.2% during the fiscal year 2014/2015 to hit a five-year high despite political and economic challenges.

Such an optimistic outlook is based on continued GCC aid, while the inflow of foreign capital into the private sector is still muted, which helped steady the balance of payment.

According to the report issuer, GCC aid, which amounted to nearly $15 billion, improved business climate and partially restored confidence in the Egyptian market.

Emirates NBD also expects Egypt’s pound to stabilize at 6.9 per dollar, but indicated that negative pressures have not abated yet.

Photo Credit: Arabianeye-Reuters