Euromoney: Egypt’s Growth Rate to Hit 2.9% in 2015

Egypt is likely to achieve a 2.4 percent economic growth in the current year, followed by 2.9 percent in 2015, said Richard Banks, Director of Emerging Markets for Euromoney Conferences.

Egyptian Minister of Finance Hany Dimian will open Euromoney Egypt Conference for 2014, which is set to be held on September 16, 17.

Banks added that Egypt has all the elements for achieving rapid economic recovery. However, the biggest challenge it faces is the application of strategies and policies and putting it in action, which is considered the most important challenge Egypt must overcome in the next stage.

Among other challenges, Banks said bureaucracy, and the low level and quality of education and the reduced ability to attract capital, according to Al Ahram Gate.

Banks questioned whether Egypt can really change from a country with many problems to a modern, productive economy which depends primarily on the private sector.

He added that the Egyptian government has recently took a number of bold and influential decisions which made hope and optimism possible regarding the improvement of local of foreign investment in Egypt.

*Amwal Al Ghad English has edited the story.