Egypt aims to raise growth to 10 pct by 2012

Sherine El Madany
2 Min Read

CAIRO: Egypt s government is seeking to boost economic growth to 10 percent by 2012, a government official said on Monday, as the country recovers from the global economic crisis.

Egypt had reported growth above 7 percent before being hit by the financial downturn. The economy s expansion has since slowed to 4.7 percent in the fiscal year 2008/9.

Economic growth rates will rise to 10 percent by 2012 due to implementation of a government plan for 2020 dependent on economic growth being propelled by industrial and technological development, a spokesman at the Economic Development Ministry quoted Minister Osman Mohamed Osman as saying.

Egyptian Finance Minister Youssef Boutros-Ghali said on Sunday economic growth was expected to reach 5 percent in 2010 in the most populous Arab country, according to state news agency MENA.

Citigroup has also said it expected growth of more than 5 percent in 2010 if Egypt is able to sustain its current growth momentum. But it added that growth rates of around 4 to 5 percent would be insufficient to curb rising unemployment.

Egypt has been hurt by a decline in tourism earnings, Suez Canal revenue and foreign investment in the downturn. But analysts say the country has proved relatively resilient, partly because its banks are flush with cash and the economy is diversified. -Reuters

Share This Article
Leave a comment