DUBAI: Growth in Egypt’s economy is expected to remain sluggish this year as political uncertainty keeps tourists and foreign investors away, the International Monetary Fund said yesterday.
The economy of the Arab world’s most populated country was forecast to grow by 2.7 percent this year after expanding by 2.1 percent in 2013, the
IMF said in its World Economic Outlook.
“Growth in 2014 is expected to be broadly the same as in 2013, as political uncertainty will continue to weigh on tourism and foreign direct investment,” it said.
The slow performance was likely despite the “fiscal stimulus” of support from Gulf countries, which promised billions of dollars in aid to Egypt after the army ousted Islamist president Mohamed Morsi in July.AFP
