Egypt Independent

Moody’s expects 4% economic growth for Egypt in 2017



Moody's Investor Service expects that Egypt's economy will grow by 4% in 2017, and the growth rate will increase 4.5% in the following year. 

Moody's attributes this potential increase to private consumption and foreign investments which will push forward economic development in Egypt, in a report published on Sunday. 

The report, which forecasts the economic progress for the Levant and North African countries, also said that the weak government performance, internal challenges, and geopolitics remain a threat to its dominant debts.

The report expects that  the report expects that trade deficits will reach 7.5%, but will improve in the following year by going down to 6%.

"Meanwhile, Egypt maintains its position as the strongest economic assessment in the region; which not only reflects its significance but also its growth prospects compared to other countries," the report read.

Deputy director Elisa Parisi-Capone said the abundance of foreign funding through IMF loan programmes which are followed by four out of five countries in the Levant and North Africa bolsters Moody's credit expectations for the region, in an official statement.