Egyptian economy predicted to grow 5% in 2010

Egyptian economy predict

September 29, 2009 14:57

Egypt's economy is projected to grow by over 5 percent in the fiscal year ending in June 2010, the country's investment minister said Tuesday as the Arab world's most populous nation continues to grapple with fallout from the global meltdown. The projection put forward by investment minister Mahmoud Mohieddin is far below the roughly 7 percent GDP growth Egypt had enjoyed in the three years before the world's worst financial disaster in decades hammered international markets and sent investors diving for cover. The latest projection is higher than the 4.7 percent growth achieved in the last fiscal year, Mohieddin said, but the main engines will be just a handful of sectors including construction. "Growth will be unbalanced," presenting a potential challenge for sustaining such GDP levels, he noted.

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