Egypt Independent

Egypt’s economy achieves highest growth rate in 11 years: Cabinet



The Egyptian economy has achieved its highest growth rate in 11 years, according to a statement on Sunday by the Egyptian Cabinet’s media center.

Egypt’s economy remains at the forefront of growth rates for the Middle East’s most important economies for 2020 at the third year in a row, the statement said.

These rates show a clear indication of the Egyptian economy’s continued improvement, and of the successful implementation of the economic reform program’s policies adopted since 2016.

The Egyptian economy’s growth rate reached 5.6 percent during 2018/2019, compared to 4.7 percent during 2008/09, the statement noted.

Regarding Egypt’s growth rates among the Middle East’s most important economies from 2009 to 2019, the statement said that Egypt ranked fifth place in 2009, gradually rising until reaching first place in 2018 and 2019 with this trend expected to continue on for 2020.

The growth rate for the Egyptian economy has moved at a higher pace than the average global growth since 2015, recording 5.6 percent during 2019 while the average global growth was at 2.9 percent that year.

Egypt’s lead into the Middle East’s most important economies is expected to continue during 2020 for the third year in a row, recording a “targeted” six percent – followed by Iraq with a growth rate of 5.1 percent, Oman with a growth rate of 3.7 percent, Israel with a growth rate of 3.1 percent, and Turkey with a growth rate of 3 percent.

The statement added that Egypt ranked first in 2018 with a growth rate of 5.3 percent, followed by Israel with a growth rate of 3.4 percent, Turkey with a growth rate of 2.8 percent and then Saudi Arabia with a growth rate of 2.4 percent.

For 2019, the statement noted that Egypt continued its lead to reach 5.6 percent, followed by Iraq with a growth rate of 3.4 percent, Israel with a growth rate of 3.1 percent, Jordan with a growth rate of 2.2 percent, and Bahrain with a two percent.

These positive indicators saw praise by many international economic institutions, the statement said.

Edited translation from Al-Masry Al-Youm