Global ratings agency Moody’s said the pace of Egypt’s economic growth is forecasted to accelerate to between 4% and 4.5% in 2015.
Egypt’s government is seeking to record 5.8% economic growth in the upcoming three years, representing a deficit of around 10.5% of GDP, according to Finance Minister Hany Kadry Dimian.
Speaking to the press on Thursday, Melina Shordio, financial analyst for banks sector, Moody’s said expected growth forecasts are based on the development projects the Egyptian government seeks to launch.
Egypt economy grew by 2.2% in the fiscal year 2013/2014. It also accelerated to 6.8% in the first quarter of this fiscal year, marking its fastest pace since 2007.
Moreover, the International Monetary Fund (IMF) predicts Egypt’s economy to grow by 3.8% this year and 4.3% next year.
According to the analyst, improving political and economic conditions will help the country lure back investors after three years of turmoil following the January 25 uprising.