'Indignant' Villarreal slam penalty re-take due to VAR review    North Korea launches more short-range missiles, clouding prospects for talks    Syrian offensive is causing humanitarian crisis: Erdogan to Putin    EU waiting for ‘realistic, operational & compatible' proposals from UK    Global disputes likely to thwart unity at G7 summit in France    IMF to hold weekend meetings in Argentina for Macri, Fernandez    Hamstring injury sidelines Kompany as Anderlecht lose again    Sisi issues Oks establishing board of Egyptian space agency    Rescuers confirm three killed, 300 evacuated after Indonesian ferry fire    Dollar drops as U.S.-China trade tension intensifies    European markets close lower as U.S.-China trade tensions escalate    Asia markets close higher as Japan-South Korea tensions escalate    Preview: Zamalek's Shikabala has another chance to stake claim for regular place    Time picks Egypt's Red Sea Mountain Trail as one of World's Greatest Places 2019    'Upskirting' abuse arrest in Spain brings calls for new laws    UNWHO head presents Sisi with report on Egyptian health initiatives, praises efforts in healthcare    INJAZ Egypt launches "Starting Right" program for students    Al Kenz II: Egyptian cinema's sequel mania but not in the usual sense    Sisi, Egyptian ministers discuss implementing health insurance system    European shares dip as Fed cools further easing hopes    Egypt PM discusses criteria for exemption from health insurance system fees    Contracting new coach for Egypt's football team a priority: Amr El-Ganainy    Egypt garment exports rise 9% in 7 months    Egypt's Nile water committee reviews trilateral negotiations on Ethiopia's GERD    Liverpool thankful to have Egyptian star Salah on his frontline: Klopp    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    What do you know about gold alloying?    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    Political parties gear up for parliamentary, senate, local elections    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Al-Sisi honours Egypt's scholars on Science Day    12th National Egyptian Theatre Festival fuel up public theatre art scene    28th Citadel Festival for Music and Singing embraces attendees with international troupes    Serbian Micho to be Zamalek's new coach: Egypt's Mortada Mansour    Cairo University tops 2019 Shanghai Academic Ranking    3 sentenced to death for 2016 killing of 4 Egyptian policemen    Too early to estimate Nile's flooding volume: Irrigation Ministry    Ministry of Environment has a plan for "black clouds season"    Sudan's key opposition may nominate economist Abdalla Hamdok for prime minister    LA Opera declines details on longtime general director's investigation    Sudan opposition to nominate economist Abdalla Hamdok for prime minister: Sources    Photo of Egyptologist Zahi Hawass to decorate NYC's Times Square to promote tourism to Egypt    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt's economic reforms step for stability – World Bank
Published in Amwal Al Ghad on 17 - 07 - 2019

The World Bank issued on Tuesday an economic monitoring report on Egypt, which said that the country's economic reforms are a step towards achieving economic stability and restoring trust in the economy.
The reforms, especially the legislative ones, have led to an improvement in the business climate and are attracting private investments, the report said.
The report also noted that the pillars of the upcoming phase of the economic reforms are achieving macro-economic stability, offering more private sector partnership in the economy, creating more job vacancies, and improving living standards.
"The economic reform programme makes investments and exports the essential engines for economic growth instead of consumption. So, Egypt's economy has grown by 5.3 percent in FY 2017/18 compared to 4.2 percent in FY 2016/17, with an average growth rate of 3.5 percent from 2013 to 2016," the report said.
The private sector has become, for the first time since FY 2008/09, contributed to GDP growth by 1.3 percent, while overall investments contributed to GDP growth by 2.4 percent of a total GDP growth of 5.3 percent.
The report projected GDP growth to continue to rise gradually to reach 6 percent by FY 2021 and private investments to increase with the continued application of reforms improving the business climate.
The report predicts that exports will increase along with the recovery of the tourism sector and Suez Canal revenues, in addition to a significant increase in oil exports. Foreign direct investment (FDI) is also expected to go up to 3 percent of FDI flows from the total of GDP by 2021 compared to 2018.
Still, there are untapped growth opportunities for Egypt's economy, the report said, especially in the exporting sector. The report said that trade agreements and creating a suitable business atmosphere will contribute to export growth and, consequently, the growth of Egypt's economy.
In a statement, Egypt's Minister of Investment and International Cooperation Sahar Nasr emphasised Egypt's solid relationship with the World Bank, especially in education and healthcare.
"The World Bank is supporting President Abdel-Fattah El-Sisi's initiative to invest in human capital and infrastructure. The report shows the achievements made by the government in economic reform. There are discussions with the World Bank related to a business practices report that will be released within a few months," Nasr said.
Source: Ahram Online

Clic here to read the story from its source.