The International Monetary Fund (IMF) expected Egypt’s economy to grow by 2.3% and 4.1% in 2014 and 2015 respectively, according to the official website of the Egyptian Ministry of Planning and International Cooperation.
This comes after the global lender recently said in its World Economic Outlook, growth in Egypt’s economy to remain sluggish this year as political uncertainty keeps tourists and foreign investors away.
“Growth in 2014 is expected to be broadly the same as in 2013, as political uncertainty will continue to weigh on tourism and foreign direct investment,” it said.
The economy of the Arab world’s most populated country was forecast to grow by 2.7% this year after expanding by 2.1% in 2013 However, growth in 2014 is now expected to be broadly the same as in 2013, as political uncertainty will continue to weigh on tourism and foreign direct investment. The slow performance was likely despite the “fiscal stimulus” coming from Gulf countries, which promised billions of dollars in aid to Egypt.