The International Monetary Fund expects Egypt's economy to become one of the world's promising economies within five years if it overcomes the political turmoil and sectoral protests, Egyptian Minister of Finance Samir Radwan told the forum in Cairo on Thursday. "Many Arab investors are willing to invest in Egypt. The Prince of Qatar [Sheikh Hamad] showed an interest to set up the biggest port in world in the Mediterranean city of Alexandria," Radwan told a forum organised by the Arab British Chamber of Commerce, the official Middle East News Agency (MENA) reported on Thursday. Radwan said sectoral protests were the main reason for a growing State budget deficit, nearing nine per cent of gross domestic product (GDP). "Foreign direct investment (FDI) reached $13 billion before falling after the January 25 revolution. After the revolution, sectoral protests, a slump in tourism, falling production rates and lack of security have affected growth," he explained. Egypt has been hit by a series of labour strikes sectoral protests and riots after the ouster of president Hosni Mubarak on February 11. Radwan said a minimum wage level for Egyptian labour was under study, adding that bonuses should be set according to productivity. "A Chinese worker's productivity is triple than his Egyptian counterpart." The most populous Arab country of 80 million people is targeting growth of four per cent of GDP in the next fiscal year that starts in July, Radwan said last week.
