"The Egyptian economy is on the right track," said Mostafa Madbouly, the Egyptian Prime Minister, pointing to "achieving a growth rate of 5.6 percent in fiscal year 2018-2019."
Madbouly added "the budget deficit was 8.2 percent of GDP, slightly below the official forecast of 8.4 percent, compared to a 9.8 percent deficit in fiscal year 2017-2018", noting that Egypt is targeting a deficit of 7.2 percent in the current fiscal year 2019-2020".
"The growth rate was 5.7 percent in the fourth quarter of the fiscal year 2018-2019, compared with 5.4 percent in the third quarter of the previous year and 5.3 percent in 2017-2018," he said.
The World Bank launched a report entitled "Egyptian Economic Observatory", announcing that the reform program started in 2016 has succeeded in improving the business climate, attracting private investment, and achieved positive developments in fiscal policy and reducing the deficit.
Source (Al-Arabiya.net & Al-Sharq Al-Awsat newspaper, Edited)
