Egyptian economy witnesses promising performance

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 accounts’ 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 Egypt’s issuance of international bonds, the report will

enhance its position in the world markets.