Egypt Targets a 6% GDP Growth

  • Cairo, Arab Republic of Egypt
  • 5 September 2018

"Egypt is aiming at a 6% growth in GDP by the end of 2018," declared Mohamed Moeit, Finance Minister of Egypt, considering the strong ability of the Egyptian economy to attract investment and the government’s relentless efforts to reduce unemployment rates.
The forecasted GDP growth for the year 2018-2019, starting July 1, was 0.2% higher than the previous estimation at 5.8%. During the Euromoney conference in Cairo, Minister Moeit stated: "Egypt is targeting a budget deficit at 8.4 percent in 2018-2019 compared to 9.8 percent in the previous year."
He added, "The Egyptian economy grew faster than we expected, and our gross domestic product grew at a faster pace than our debt."
Mr. Moeit stressed that "the Egyptian government is working in a way to overcome all obstacles investors are facing, namely through the development of less stringent tax system and rules to support competition and encourage the private sector, in addition to the development of Customs Law to match global competitiveness."

Source: (Al-Sharq Al-Awsat Newspaper, Edited)

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