Egypt's economy to grow 3.5 % in 2016/17 fiscal year- Reuters poll

Egypt’s economy is likely to grow 3.5% in the 2016/17 fiscal year, a Reuters poll indicates. This will be short of the government’s target of 5%.

The survey, which polled 17 analysts,indicated that economic growth could slightly rise to 3.7 % the following fiscal year.

Inflation has risen to the highest levels in years and there are serious foreign currency shortages which make it harder to transact global business.

Analysts say that nearly a quarter of Egypt’s 94 million people live in poverty while the official job rate stands at 13 % and triple that among the youth.

In August, the Egyptian government sought a $12 billion bail our from the International Monetary Fund (IMF) which is yet to be finally approve by the Fund.

The north African country had been enjoying economic growth rates of around 7% before the 2011 uprising that drove away, tourists and foreign investors, key forces of foreign currency.

Reuters