Egypt’s Economy Begins To Turn The Corner

Egypt’s structural and monetary reforms are starting to bear fruit, following four years of political and economic slowdown since the ouster of the Husni Mubarak regime in 2011, the IMF says in its latest Article IV consultation with Egypt – the first since March 2010.

The Egyptian authorities have started “implementing policies to raise growth, create jobs and restore macroeconomic stability,” the IMF says in the 11 February assessment, which comes just weeks before an international investment conference, scheduled for next month in Sharm al-Shaikh. Egypt is expecting to attract sizeable foreign direct investment at the event, to boost its ailing economy.

With the successful implementation of these policies and confidence in recovery, the IMF is projecting growth to reach 3.8% in 2014-15, and edge up to 5% over the medium-term, which would help to reduce unemployment. (CONTINUED - 708 WORDS)