Egypt to raise economic growth rate by 6% this year

Egypt plans to raise economic growth rate by six percent within 2018, according to the vice minister of finance for treasury affairs, Mohamed Maait.

Maait noted in his interview with Al Ahram newspaper that the government is also working to attract more foreign investments, around $12 billion.

The vice minister also indicated that inflation waves cooled down, expecting inflation rate to go below 20% percent soon.

In 2017, unemployment went down from 11.9 percent to 11 percent, supported by the rise in economic growth, which reached 5.2 percent at the end of last year, he added.

The rise in oil prices to $65 per barrel has led to a rise in subsidiary costs, as the budget estimated prices near $55 per barrel, however, the government will continue to adopt social policies that limit the effects of the economic reforms, to support low income families, said Maai, explaining that an increase in oil prices by $1 a barrel equals a rise in the budget deficit by 4 billion pounds.

Source: Mubasher