Egyptian economy witnesses promising performance
Egypt, Economics, 12/18/1999

The British Institution for International Classification, Fiche ABCE
stressed that the Egyptian economy is going to witness a promising
performance the coming century, pointing that work conditions in Egypt
have been improved greatly and the Egyptian government endeavors to make
the private sector participate in infrastructure projects. It also seeks
to eliminate impediments to exportation and to develop the local stock
exchange.


In a report, the Institution made clear that during the past two
years, the Egyptian economy was so strong to face pressures and
challenges after the decrease in the revenues of oil and tourism. It
further mentioned that the local growth rate was within 5%, inflation
rate decreased to 2.4% and the budget deficit was stable at 1.3%.


The report mentioned that from 1997 to 1999, the capital flows into
Egypt registered positive rates and the shortage in foreign currency was
contained properly through official reserves. The Institution expected
that the increase in oil export price and in the standard number of
tourists will contribute in the current accounts¹ stability in the near
future.


In an interview to Al-Ahram newspaper, Neil Wegan, an official in the
Institution, described the report as a positive indicator to the
performance of the Egyptian economy in the current stage, pointing that
in case of Egypt¹s issuance of international bonds, the report will
enhance its position in the world markets.

Previous Stories:
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  Invitation to Saudi minister of justice to visit Egypt   (12/17/1999)
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