6.5 pct. growth rate; secures Egypt top slot

Egypt secured first place this year among emerging markets in terms of economic development, a government report indicated.

The Cabinet Information and Decision-making Support Centre (IDSC) said in its monthly report that Egypt achieved a growth rate of 6.5 per cent during the first half of 2001. This is the highest such rate of any developing country.

"Egypt also ranked second after China with regard to industrial development, recording 9.4 per cent annual growth," the report said.

Inflation was another strong point. The report placed Egypt in third place among developing countries with an annual inflation rate of 2.2 per cent. China reported 1.4 per cent inflation and Malaysia was 15 per cent.

The report also saw other positive economic indicators in Egypt, noting that liquidity and bank deposits recorded significant gains.