Arab Today, arab today european bank forecasts higher economic growth rates in egypt in 2015
Last Updated : GMT 08:55:20
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European Bank forecasts higher economic growth rates in Egypt in 2015

Arab Today, arab today

Arab Today, arab today European Bank forecasts higher economic growth rates in Egypt in 2015

European Bank for Reconstruction and Development (EBRD)
London - MENA

The European Bank for Reconstruction and Development (EBRD) expected a remarkable improvement in growth rates in Egypt and the southern and eastern Mediterranean (SEMED) region.

In a report titled "Regional Economic Prospects", the EBRD foresaw a 4% growth rate in the SEMED region in 2015 to move up to 4.3% in 2016.

Egypt has benefited from the political reforms it adopted and some financial facilitation funded by Gulf Cooperation Council states, the EBRD report, of which MENA obtained a copy, said.

Growth rates in Egypt during the first half of 2014-2015 reached 5.5% compared to 1.2% in the preceding year backed by the high private consumption and investment rate, it added.

Egypt's growth rate increased to 4% in 2015 against 2.2% in 2014 and is forecast to hit 4.2% in 2016, it said.

However, unemployment rates remain high between 10% and 15%, it added.

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