Egypt to Miss GDP Growth Target This Fiscal Year, El-Arabi Says
This article is for subscribers only.
Egypt’s economy is likely to grow less than the government’s target of at least 3 percent because of political turmoil, Planning and International Cooperation Minister Ashraf El-Arabi said.
El-Arabi said in an interview in Cairo today he hopes that gross domestic product growth will exceed 2 percent in the fiscal year that ends in June. The average estimate of 16 economists on Bloomberg is for 2.8 percent growth in 2014. Finance Minister Hany Kadry said this month that the economy grew 1.4 percent in the second quarter of the fiscal year.