Egypt's economy will recover over the next five years, said a report by the International Monetary Fund (IMF). The international economic organization issued a report discussing the future of Egypt's economy after the January 25 Revolution which toppled 30-year president Hosni Mubarak from power and has left the country's economy in shambles as it moves toward a more representative government. The report expected that Egypt will witness only one percent in economic growth this year, with economic contraction reaching to seven percent in the first quarter of the year. Egypt's economy is expected to achieve six percent growth in 2014 and 2015. The report added that it does not expect the Egyptian economy to witness miracles, especially with increasing inflation - which will reach 13.5 percent in the current year. The report expected that inflation will gradually decline in the next years to reach seven percent in 2015. The IMF expressed its fears that increasing prices of different commodities could affect Egypt's growth rate in the future. It signaled that prices will not decrease before 2012. The report highlighted that the Egyptian government allocated 99 billion EGP to subsidize petroleum commodities in the budget of 2011-2012, while allocating limited budget for supporting investments, which would affect the housing projects of low-income people and medical treatment at the expense of the state.
