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HomeAfricaEgypt’s Finance Minister confident of future growth

Egypt’s Finance Minister confident of future growth

As the world continues to be embroiled in economic struggl es, the Egyptian finance minister said this week that once the worst is over, Eg y pt will rebound with massive growth.

Youssef Boutros-Ghali said he envisioned at least a 7 percent growth, and even a s high as 9 percent, after the economic crisis passes.

The semi-official Al-Ahram and Al-Akhbar newspapers quoted the minister as sayin g the country will return to its productive growth after the world bounces back.

He added that this will be due to the increase in revenues to vital sectors, suc h as tourism.

Boutros-Ghali also said that based on consumption indicators and government poli cies to boost growth, Egypt would be able to weather the current economic slump.

Despite his optimistism, he failed to give a timeframe as to when he expected Eg ypt to reach the projected level of growth or when the global crisis would end.

Boutros-Ghali’s remarks reflected another show of optimism by the government in a country that has over the past couple of years seen its reform programme help p ropel gross domestic product growth to slightly over 7 percent.

Egypt faces daunting challenges, as some 20 percent of its 80 million residents live below the poverty line, according to the World Bank.

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