Egypt urges World Bank, IMF to quantify informal sector in GDP

Egypt’s central bank wants the World Bank and International Monetary Fund (IMF) to provide technical support to quantify the country’s informal sector, the bank’s deputy governor Gamal Negm said.

“We are seeking support to quantify the informal sector and recognise it in the overall size of our GDP,” Negm told a financial technology conference in Abu Dhabi, adding that the informal sector accounted for about 40 to 50 per cent of GDP.

In a statement issued later, the central bank said that after a technical study, it might approach the World Bank and IMF to consider including the informal sector in Egypt’s overall gross domestic product.

Negm did not discuss the World Bank and IMF’s response to the idea.

source: Gulf News