Egypt’s Growth rate highest in 10 yrs

CAIRO - 17 September 2019: The highest growth rate in 10 years was achieved in 2018/2019 at 5.6 percent and unemployment decreased to 8.1 in the first quarter of the year, contributing significantly to the “economic growth and job opportunities” item of sustainable development, Deputy Minister of Planning Ahmed Kamali said Tuesday.

Unemployment reached 13.2 and the growth rate in 2013/2014 was at 2.9 percent, so the rate surpasses that of emerging and developing markets, Kamali said, referring to The Economist’s ranking of Egypt in the third place among worldwide growth rates.

During a meeting organized by the Egyptian Junior Businesspeople on the sidelines of the African Development Bank’s (AFDB) vice chairman Wale Shonibare, Kamali presented Egypt’s efforts in rural areas to fill economic, social and environmental gaps.

The visit will push cooperation between Egypt and African nations forward to accomplish trade and administrative reforms as part of the 2030 vision, Kamali added.

He also highlighted legislative and institutional reforms to attract investors and infrastructure projects.

Inflation in Egypt unprecedentedly decreases to 7.4 percent, allowing the Central Bank to reduce loan interests, he continued.